@Anonymous wrote:
Okay... so...
My cousin and his fiance were purchasing their first home. They closed on the home 8 weeks prior to their wedding... about one hour later... she told him she was calling off the wedding and ending the relationship.. you know... after they BOTH signed onto this house. so now, he is scrambling to find out what to do as far as the finance situation. What are their options as far as getting the house into only one of their names. Prior to gettign the house each of their credits were ran separately, to see if they would qualify on their own and then joint. They both did qualify to have the mortgage on their own, so would the one taking the house over just need to refi or what?
Thanks for the help guys!
If she is now wanting out of the relationship and the house - he needs to get a real estate attorney or even a title company to prepare a Quit Claim deed so that he is the sole owner. The Quit Claim deed would read something like: xx and yy, grantor, convey to xx, grantee. They both would need to sign it in front of witnesses.
Once he is sole owner, then he needs to refi to have the mortgage only in his name. It is costly to refiance. He could just leave the mortgage as it is without refinancing. The important part here is the deed. When he sells the mortgage will be paid off and he won't have to worry about her holding up the sale. That's why he wants to do the Quit Claim immediately and properly. If I were in his shoes, I would contact a real estate attorney to prepare the QC deed.
