Transfer of Equity

[Just1life4me]

I have been divorced for over a year..Both mine and my ex husband's names are on the mortage and title to the house and land. I have lived in the house since the seperation..I no longer want the house..because the payments are too high..my ex and his girlfriend want the house. he has mentioned us doing a Transfer of Equity. How does that work? Does that take me completely off the loan?

[lady_p_gold]

Did you not have any legal advice during the divorce? Is he not still contributing to the mortgage, because of course he is still benefiting from its rise in value ? I would certainly advise you strongly to seek legal advice before you did this. If the payments are too high (I am assuming you mean the mortgage) and you are funding them alone, then would it not be better for you for him to buy you out and therefore you can reduce your borrowing ? Of course I do not know the full story and perhaps you could elaborate. If you cannot afford a lawyer (and some do a free half an hour) then pop along to the CAB. Did you not have a settlement when you got divorced? I would stay put most firmly until you have explored all the options.

[NORMANTHEDOG]

When i split up from my first wife i had her name removed from the whole lot.firstly your ex will have to write to the lender and ask them if its ok,they will check it all out,check you give your say so,check he can afford to take over the mortgage on his own or take a new one out with his friend,once thats all done there should be no problem they will remove your name off all the paperwork,but surely you are not going to walk away without any cash in compensation or settlement.