Hello,
I’m in need of some advice. I have a co-owner who is refusing to take the proper steps in refinancing and removing my name from the home and the loan. He’s trying to have me sign a quit claim deed. But that does not relieve me from any debt on the home. He has been delinquent in making the payments for years once went into foreclosure. He has been constantly missing payments.
What should be my next step?
I think you’ll probably need to get a court to intervene to force a sale. They have no control over lender approval, so cannot actually force a successful refinance; and it sounds like the co-owner may not be approved for refinancing on their own, thus a sale.
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Thank You so much for your advice. That’s the directions I’m going to take.
Absolutely do not sign a Quit Claim Deed over to your partner.
The property needs to be sold or refinanced in your co-owners name alone and at that time you would sign a quit claim deed (assuming a refinance).
It’s safe to assume your co-owner cannot qualify for a refinance alone. Therefore the property needs to be sold. Let this person know you are going to go to court to force the sale, but you would prefer not to have to do this. Maybe this will be the wake up call to just simply sell the property in the normal fashion vs having to fight it out in court (costly).
Thank You so much. I told him will not sign any documents.
Thank you so much. I been fighting for 6 yrs now.