trying to get my name off a mortgage loan with ex

[Anonymous]

Hi,
I'm trying to get my name off a mortgage loan (haven't lived in the place for 5 years) with my ex-boyfriend. He sent me information on a quitclaim deed which basically states that I have no interest in benefiting or getting any compensation for the house (which is true and I am willing to sign), but apparently doesn't get my name of the loan. He said he needs the quitclaim to re-finance (or do a loan modification?) with loan officer to get my name of the loan and get lower interest rate. Does this sound right? Also, if anyone has suggestions for real estate lawyer in Montgomery Ct. please let me know. Thank you!

[Anonymous]

Have the deed signed in conjunction with the refi. He will have to pay trans/rec tax to record the deed.

Just have the title company hold the deed in escrow until the refi funds -- then send the deed to record. This way you will know the old loan you were on is satisifed before giving up half the house.

I know you don't care about the house, but it is the only bargaining chip you have.

[Anonymous]

Don't sign the deed until the house has been refinanced and your name removed from the loan. Your boyfriend can arrange for this to take place at closing. I'm not sure why it would impact him getting a new loan so long as he qualifies based on his income alone.

[Anonymous]

Yes this is the advice we got from our re attorney: you don't take your name off the deed until your name is off the mortgage. Def get a lawyer here.

[Anonymous]

agree with PPs. do not sign the deed until the house is refinanced and you are not on the new mortgage. if you sign the deed and the refinancing does not go through for any reason, you are stuck with a mortgage and nothing else. if your ex does not make payments, the loan company can come after you for payment. and your credit can be trashed badly if your ex does not pay and let the house go into foreclosure. having the name on the deed (and so being a co-owner of the house) is your only defense.