What is the name of your state (only U.S. law)? NY
12 years ago I purchased a house with my then-fiancee. Because we were not yet married and he had no credit, we opted to put the mortgage in my name only. We purchased the house for ~65k, and owe roughly 50k at this point.
We are now in the process of divorce. He is living in the house with his girlfriend, and they are paying the mortgage. I have no interest in keeping the house, but he would like to stay there. He is a "handy man" who never finishes his own projects, so the house is not in great shape and likely would not sell for much if we were to put it on the market. At this point I don't care about making a profit from selling the house, and would just like to wash my hands of the whole thing. He has agreed that he would cover any closing costs and other related fees to take ownership of the house, and I have agreed that I will not try to get any additional funds from him (so basically I would sell him the house for whatever it costs to get out of the mortgage). I just want to get this handled, the sooner the better, for the least amount of extra money on either side.
Ultimately, I am wondering what options (if any) I have for transferring the house to him (as I understand it, he could not simply refinance in his name only, since he wasn't on the original mortgage - right?). I assume I would have to go through the process of actually selling the house to him - do I have any other options?
Thanks in advance.
12 years ago I purchased a house with my then-fiancee. Because we were not yet married and he had no credit, we opted to put the mortgage in my name only. We purchased the house for ~65k, and owe roughly 50k at this point.
We are now in the process of divorce. He is living in the house with his girlfriend, and they are paying the mortgage. I have no interest in keeping the house, but he would like to stay there. He is a "handy man" who never finishes his own projects, so the house is not in great shape and likely would not sell for much if we were to put it on the market. At this point I don't care about making a profit from selling the house, and would just like to wash my hands of the whole thing. He has agreed that he would cover any closing costs and other related fees to take ownership of the house, and I have agreed that I will not try to get any additional funds from him (so basically I would sell him the house for whatever it costs to get out of the mortgage). I just want to get this handled, the sooner the better, for the least amount of extra money on either side.
Ultimately, I am wondering what options (if any) I have for transferring the house to him (as I understand it, he could not simply refinance in his name only, since he wasn't on the original mortgage - right?). I assume I would have to go through the process of actually selling the house to him - do I have any other options?
Thanks in advance.