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What happens to the mortgage?

My gf and I are breaking up but we have a house together. Both the title and the loan are under both of our names. What happens now? by juliano520 from Holland, Minnesota. Jul 7th 2020 Reply


Steven Brand (stevenbrand)
#4 ranked lender in Minnesota - 120 contributions

Well... a lot less complaining about you playing fortnight or having the guys over for football and beers... that's for sure.

Jul 7th 2020
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 1,904 contributions

Because you both own the property and you are both liable for the loan, you both need to come up with a solution. Essentially your options are, not in any particular order: 1) Keep it, continue living in it and continue splitting the payment, upkeep, etc. 2) If one of you wants to keep it, then they are going to have to 'buy out' the other of their share of the equity. This will require the retaining partner to get a new loan to payoff the existing mortgage and to pay the leaving partner's share of equity 3) if you both want to keep it, or the one who wants to retain the home cannot get their own loan, then you'll need to agree to sell it. 4) If you cannot agree on a solution, then the courts can force the reluctant party to sell. 5) DO NOT allow either party to remain on the loan and come off of title. If you are both on the loan and the one who is supposed to make the payments doesn't, or tragedy prevents them from making the payments, the other person still owes on the debt but has no control of the property so they cannot sell it to pay off the debt. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We got you covered. NEXA Mortgage is licensed in 46 states ~ www.ApplyYes.com 480-889-9000

Jul 7th 2020
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,097 contributions

The best move is for whoever 'keeps' the house to refinance in just their name. The other person would be removed from title at that time, and of course only the one person would now be on the loan. I lend in MN WI IA SD ND. Find me at (651) 552-3681 or iMortgageJoe.com. NMSL274132

Jul 8th 2020
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