What are my options to dissolve this relationship and handle the mortgage?

Full question:

I am a 51 year old male who had a female partner living with me for the last six years. During that time my partner left me for another man (ex husband) for five months. She most recently deserted me due to infidelity and has been gone for the last six months. In 2001, I purchased a vacant lot and held a construction loan in my name alone. My brother sold me the lot at a reduced price of $20K as long as I agreed to pay him back if and when I sold the house. From my own savings I put a down payment of $25K for the construction loan. When construction was completed it was necessary that my partner and I sign for the mortgage in order to quality for the loan. From the date the loan was issued I have had direct deposit from my payroll to pay the mortgage each month. For the first three years I paid the taxes and insurance. The only monies that have been paid out my partner since we have moved into the house has been to pay for half of the utilities which amounts to $24K to date or $445 a month. In comparison I have paid out $105K to date or $1950 a month. The amount of money I have paid out does not include what I have covered while she has been gone. What are my options to dissolve this relationship? What amount of money would I have to pay to her to get her off of the mortgage? What are my legal options?

• Category: Power of Attorney
• Subcategory: Real Estate
• Date: 04/07/2025
• State: New Mexico

Answer:

To transfer a mortgage solely to one partner's name, refinancing is the most common method. Some lenders may allow one partner to be removed from the mortgage if there is enough equity in the home. An assumption agreement must be completed, where the partner staying in the home agrees to take full responsibility for the mortgage debt. The partner leaving will then be released from any financial obligations related to the mortgage.