Q: I'm on a mortgage with my daughters mother. We've never been married, I moved out 4 years ago. She won't refiance and
I no longer make payments. If she someday sells (with my consent clearly) - will I be entitled to any profit- due to the liability I've had to keep? I know my only option is to sue her to force the refiance or sale- that's just money to be burned and can take YEARS to accomplish? Unfortunately there is also nothing in our mortgage that prepared for this option as well. Please help!
A:
Unless your name is also on the deed (I would assume it is if you entered this deal jointly), she doesn't need your consent to sell. Of course, as you correctly point out, your hands are tied as to making her sell the property.
With a mortgage, you and her are in a tough spot. Banks will be reluctant to refinance so that you can be off the mortgage unless she has excellent credit of her own. But if that is an option, I'd consider taking it; have her offer you some money now in exchange for a quit claim deed.
The liability you incur by being on the mortgage is secondary to the fact that you may have a hard time getting a mortgage of your own for another property until that is satisfied. This is probably a case where, for a number of reasons, it pays to do whatever is necessary to legally cut ties so that you can move on with your life - even if it means taking a hair cut of what you should get financially.
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