I am a joint owner on a home (unmarried). I am moving to a new state and want to buy a home there. The way I understand it, I have to show that the current home is rented (or make an extra income exceeding its mortgage) so that I can qualify for the most amount of money on a new home. I was wondering... if I sign over my claim on the title to the other person, will I be "free" of the liability on the current home? Would the current home's mortgage no longer count as one of my debts? The other option I'm thinking could work would be if the other owner sent me a check for the home, like a renter. I realize that if I sign over the home I'll be giving up my claim to about $150k of equity, but it might be worth it for the freedom.
