You cannot just “take your name off of it” without having her refinance the house so it is strictly in her name. You can do a “quit claim deed” but my understanding of this is that you are still financially liable if she should default on the mortgage. From experience I can tell you it is good to get out of this situation now - even if it means you lose some money - rather than have this sort of financial tie become a noose that hangs one or both of you.
Greetings. You need to have her refinance the house in order to ensure that you will not be paying the mortgage after you leave. If you sell it when you owe more on it then you have in it, then you will both have to split the deficiency. Thank you.
Janet L. Fritts
Attorney with Rosen Law Firm
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.256.1665 direct fax
10925 David Taylor Drive, Suite 100
Charlotte, North Carolina 28262
704.644.2831 main voice
704.307.4595 main fax
1829 East Franklin Street, Bldg 600
Chapel Hill, NC 27514
919.321.0780 main phone
919.787.6668 main fax
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.
will it be beneficial for me to sell the house that appraised for $60,000 and the balanced is $74,000 or shall I let her keep the house and just take my name off of it.