Q: I am on the mortgage and deed for a home here in NC but am not married to this man. What happens if he wants out?
I want to remain in the house. What rights do I have?
A:
Who else is on the mortgage and deed?
I don't understand your question. If man decides to call off the relationship and moves out, then can you afford the property on your own? If the answer is yes, you keep paying the mortgage because your name is on it if you still want to live there. If you are the one who leaves and the man stays, is his name on the mortgage and/or deed? If he is on the mortgage then he needs to keep paying.
A problem will arise if both of you are on the mortgage. If the person who stays in the home pays late or stops paying the mortgage company is going to foreclose and you will be liable for a potential deficiency. Also, the late pays will damage your credit if he stays in the home and pays late.
A problem will also arise if both of you are on the deed. The divorce laws do not apply to you since you not married. Owning land or other titled assets with someone you are not married to is a problem. I would recommend that the person who wants the home buy out the equity share of the other person and refinance the home such that the mortgage will only be in the property owner's name. A quitclaim deed or non-warranty deed can be done to convey the property to the one who wants to keep the home.
If neither party can buy out the share of the other and refi the property, then I suggest that you sell the property, pay off the mortgage, split the proceeds and each have a nice life. If you cannot cooperate on that, then either of you can hire a real estate attorney and engage in what is called partition. At partition the property will be sold and the net amount will be divided. However, this is a more expensive option and it will be cheaper if you both agree to just sell the home or one of you buys out the share of the other.
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