Hello, I was living with my girlfriend and we have broken up. We bought a house together and had joint bank accounts, etc.
We have agreed on a separation of our money, and there is no problem there.
The issue is the home mortgage. She will be keeping the home, as she can afford it (she makes about double my salary). I will be moving out.
The mortgage (loan) is in both our names. She would like to keep it that way, otherwise she will have to refi, which will cost her dearly as the rates have gone up significantly (we got the loan at about rock bottom -- 4.25% - 10/1 ARM).
She would like me to quit-claim the title to her, but stay on the loan so that she doesn't have to refi.
We both want to be fair, and my question is if there is some way to write up a contract that will limit my liability in the case that something happens and she is no longer able to make payments on the loan. We both think this is unlikely, but nevertheless, I obviously do not want to be held responsible in this case, especially if I am no longer on title and cannot force the sale of the home.
Is this an untenable situation with the only realistic option being to refinance the loan, or is there a way to write up a contract to achieve this goal?
Thanks!
We have agreed on a separation of our money, and there is no problem there.
The issue is the home mortgage. She will be keeping the home, as she can afford it (she makes about double my salary). I will be moving out.
The mortgage (loan) is in both our names. She would like to keep it that way, otherwise she will have to refi, which will cost her dearly as the rates have gone up significantly (we got the loan at about rock bottom -- 4.25% - 10/1 ARM).
She would like me to quit-claim the title to her, but stay on the loan so that she doesn't have to refi.
We both want to be fair, and my question is if there is some way to write up a contract that will limit my liability in the case that something happens and she is no longer able to make payments on the loan. We both think this is unlikely, but nevertheless, I obviously do not want to be held responsible in this case, especially if I am no longer on title and cannot force the sale of the home.
Is this an untenable situation with the only realistic option being to refinance the loan, or is there a way to write up a contract to achieve this goal?
Thanks!
