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[ Music ] >> Brought to you by the EveryDollar app. Start budgeting for free today. >> Hey, I'm seeking advice on how I can get my name out of a house loan. I purchased a home in 2008. I was valued at $200,000 under my credit with my girlfriend at the time. Her in-laws offered $40,000 to help us with a down payment with the promise that we paid them back in the re-flight in a year. The girlfriend at the time and I broke up months later. I wanted nothing to do with the house. I left. I went to a UPS motor replace to get my name removed out of the title and the in-laws and the names I added on the title. The loan, though, stayed in my name with the promise of getting my name out of the loan after a year or so. I tried countless times to initiate a re-fight for the house, but it never works out with the in-laws, either they didn't get a print or the credit at the time wasn't good or they did not turn into paperwork, et cetera. Sixteen years later, the house loan is still under my name. The title is under their name. There's now renters in the house, managed by a rental company. I had equity of about $400,000 at this time. I recently re-engaged with them with a new mortgage loan advisor in the picture, two weeks ago to re-assemble another re-fied to get my name out of the loan, and it's taking them two weeks to just send back documents to get the process going. So I feel like it might end up to be another unsuccessful attempt. So my question is, what can I do in this situation? My goal is to get my name out of the loan this summer. I want to move on in my life with my new family. And I also wanted to ask if I have any rights for equity of the house, whenever it gets sold. >> I mean, you want the equity out of the house. >> Oh, is there a place for that? Or really, my ultimate goal is just to get my name out of the loan. >> Yeah. >> I'm out of my credit. That's my number one priority. >> Okay. All right. So you're a case study on what not to do, don't buy a home with your girlfriend, super, don't buy a home with your girlfriend with her parents putting down the down payment, and super duper, don't do all that, and then later deed the home over to them without getting your name off the mortgage. That should have been done simultaneously, or you should have kept your name on the mortgage. You shouldn't have done any of this to start with. It's a disaster. It's why we tell people never buy a house for someone they're not married to. You even refer to them as the in-laws, and yet you were never married. It's just your ex's parents, your ex-girlfriend's parents, is all it is. They were never in-laws, because there was no law involved in this. No, it never were married. So, okay. What do you make? >> Make about 150 to 200K a year. >> Mm-hmm. >> Okay. All right. Are they, have you sat down in person with them, or has everything just been by phone or email? >> I was in person with them, I want to say three weeks ago, for graduation, I had a daughter with a girlfriend. >> Oh, there's that. So, this is the grandparents of your daughter. >> Right, yep. >> And the plot thickens. >> Yes, it does. >> Okay, and she just graduated from high school. >> Yes. >> Wow. Okay. Well, I, there's a lot of stuff you can do here, and none of it's going to be pleasant if you want to get rid of the mortgage, okay? So, one is obviously what you've been doing, and if they go get a more new mortgage and get it out of your name, then easy, that one's going to be pleasant, and if you can persuade them, assist them, even write a check for them to be able to get the loan. I would do that because of the fact that they are the grandparents of your daughter. Before I heard that, I was going to go more scorched earth, but because these people have been dragged button along for a long time. >> Right. >> Now, if they won't do that, your options are aggressive. That's your only options that are left. I assume there's nothing in this whole stupid deal written down, is there? >> No. >> Okay, no partnership agreement of any kind, no transactions or anything else, okay? Oh, we've got what you said and what they said. He said, she said. So, you know, what I would do next, if you want to get this aggressive, is sit down with him in person and say, I really have to get this loan out of my name. I need to move on with my life. Our granddaughter has graduated from high school. She's moving into adulthood. You guys need to make this come to an end for me. If you don't, we need to, if you can't, we need to figure out something else. So, one option, folks, is for you to sell the house so that you can pay off the loan and get it out of my name. That's an option and you can do that voluntarily. Folks, if you don't do that, if you want me to buy you out of the house, I will give you a few thousand dollars. I don't know if you got any money at all. John, have you got any money? >> Yeah. >> How much money have you got? >> I want to say, we have at least, say, the $50K for emergency. >> Yeah. So, if you bought this house for $50K, back from them, and they did it to you, that would be a deal because it's got a lot of equity, right? So, I'll give you guys $50K and you did it over to me if you don't want to sell it. But they'd be smarter to sell it and put the money in their pocket, right? >> Right. >> Okay. Those are two options, folks. If you don't want to do that, then I'm going to ask a judge to rule on this situation, because you're taking advantage of me and I have to stop it. And so, the judge is going to require you sell the house and that's going to involve me suing you. And I really don't want to do that. It's going to be very expensive. It's going to be long and drawn out. You're going to hate it. I'm going to hate it. Everybody's going to end up mad but the lawyer who's going to cash our checks. And so, I don't want to go that way, but if you guys are just going to sit on your thumbs, I'm going to have to. You're going to force me to do that. Now, that's pretty aggressive and you can file a lawsuit over this in air quotes partnership dispute. And you'd have to talk to an attorney about the basis for that. But basically, you're forcing them to liquidate the asset to make good on their promise in this partnership that's going to righ. And that's the legal basis for what I'm talking about. But you're going to end up suing these people if they won't voluntarily go get a new mortgage or sell the property or deed it over to you. And any of those proposals are fairly aggressive, but it's time somebody get off their thumbs here and that somebody is those people. The grandparents of your daughter. Create your free every dollar budget today. the simplest way to budget for your life.
