Dividing Properties After a Split

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Q:"I purchased a co-op with my boyfriend. We are no longer together and I would like to know based on the mortgage laws if (1) I can take his name off the mortgage, and if doing so will require me to refinance? (2) If I take his name off the mortgage will the company notify my co-op board? (3) Can the co-op board do anything to stop me? I'm just wondering what the correct steps are, and which will cause the least amount of stress."

This query moves into formal legal advice and would be more appropriately referred to your real estate lawyer who handled your closing. However, it is clear that if you and your ex-boyfriend purchased the co-op together that he would have a monetary interest in the mortgage, and that you cannot simply “erase his name” off such a legal document without his consent and proper documentation of your respective financial interests.

If you review your co-op bylaws, there is undoubtedly a provision requiring notification and approval by the board, which brings us back to the first point wherein we strongly suggest referral of your inquiry to your closing or other attorney.

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DISCLAIMER: This publication is distributed with the understanding that it does not constitute legal advice or establish an attorney/client relationship by way of any information contained herein. The information provided is for general purposes only, as readers are advised to consult with a qualified lawyer regarding the specifics of their particular circumstances.

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