My fiance and I purchased a home about 2 months ago and now have broken up. What can I do to remove my name from the mortgage without selling the house? In other words, she wants to keep it but I do not.
To get your name off of the mortgage, there are three possibilities:
The first is what is called a " name delete assumption." It is not very well known, but it has been known to happen. You would need to call the mortgage company and find out if they grant name delete assumptions. If they do, they will want to make sure that your former fiancee is able to make the payments on her own. You would have to then give her a quit claim deed to get off title and there will probably need to be some new paperwork signed.
If the mortgage company does not do name delete assumptions, option number two is a refinance. Your fiancee would have to apply for a new mortgage and at the time of the closing for her refinance, you would need to give her a quit claim deed.
The last option is a sale; and, even though your fiancee may want to stay, you may have some legal remedies available. If the first two options don't work out, your best bet would be to seek the advice of an attorney.
Bottom line: a contract is a contract. Unless the other party (the mortgage company lets you off the hook), the only way to get out of it is by living up to your end, which in this case means paying off the loan, either through a refinance or through a sale. When the mortgage company made the loan, they made it on the basis of your credit, income, etc. as well as hers. Unless you can convince them that she is equally as good a risk on her own, they have no reason to relieve you of your legal obligation. I'm sure this probably isn't what you wanted to hear..... but it is what you need to know. Hope it helps.