house or transfer title?

I was recently in a relationship that went south. The trouble is we are both on the title of the house and both are names are on one mortgage. The second mortgage is in my name. She would like to keep the house and take over the payments. But she really can%26#039;t afford both loans. I live in PA. I am looking for options really that make everything work out for both parties. I also put down 7000 dollars to cover closing costs. I would like that money back if possible if we could come to some sort of arrangement. But again I am at a loss at what to do at this point. Do we wait untill the housing market recovers and sell to get out of debt for the two mortgages or is there something else I can do?

Sell house or transfer title?

This is a tough situation.

If you move out and stay on the loans, you risk your credit if she doesn%26#039;t make payments, or make payments on time.

You state she can%26#039;t afford the payments, so that will be a problem. And doubtful she would qualify to refi the house in her name alone.

Don%26#039;t forget that even if you move out, as a homeowner (and as long as you are on the deed/mortgages you DO own it) if someone gets hurt on the property you can be sued and held liable.

Do you qualify to remortgage by yourself?

If you live in PA, it may be a loooong time before the housing market recovers. PA, like many other %26quot;rust belt%26quot; states have been in a recession for a few years and as the feds, our states and the experts refuse to believe the country is in a recession, things won%26#039;t get better fast. Pretty hard to fix something you refuse to acknowledge is a problem.

Either of you have someone else with cash that would qualify to join you in a business deal?

Personally, though it would be hugely distateful, I might consider continuing to live there and both contribute the same as you do now. As you pay the house down you may be able to sell for what you owe and get out (if you can sell it)

Really though there are no easy or good answers to your dilemma. Sorry. Just learn your lesson that when entering a partnership with a non-married other person, you need a contingency clause in case things go bad.

Good luck

Sell house or transfer title?

transferring title will not release your responsibility to both the notes,

in this market your notes value is probably higher then the current value of the house, so no matter what you do you will be responsible for the notes, even when you move on

Sell house or transfer title?

get a new %26quot;mortgage broker%26quot;

are you saying you need $7k to walk or to close

i buy $$$$ properties and do early closing of finances and other fees and never paid..$7k to close..

unless you have real crappy credit..

anyhow get a new %26quot;mortgage broker%26quot;..interview a few..

give them the numbers..and if your saying you need $7k to walk..then say that........

$7k to close seems really really high

so pick up the phone and start calling...lots of %26quot;mortgage brokers%26quot; advertise in the local papers......and if you have great credit (which they go for first)..you should be getting great numbers..

but....if you need $7k to walk..then say it..they don%26#039;t work the numbers..that you get $7 k...you may get more...

or less..............

pick up the phone and start calling.....