transfer of ownership on co-borrowers

[Administrator]

4 yrs ago my friend and i purchased a house for 210,000 and the idea was to fix it up and live in it until one wanted out or to have sole owership of the house. 2 yrs ago i kicked him out due to our friendship deteriating and living conditions worsening. i want out of this house yesterday, he would like to have the house but is unable to refinace the home in his name right now due to he is self employeed and really can not afford the house on his own, not my problem. is there away to transfer the remaining balance of the mortgage to his name, he is a co-borrower, and remove my name from the mortgage, deed, or any other legal reprecussions if he were unable to make payments on it in the future? he has to wait 3-4 months to prove his income for tax purposes to the bank, and with the economy in michigan, i have my doubts that he will be eligable to be refinanced. what is my best course of action to remove my name and responsibility of the mortgage to simply move on with my life and not be stuck with a bum or a friend finanically hurting me? he also is late on mortgage payments every month and it hurts my credit score long before it reaches his being as that i am the first one named on the mortgage. please advise. thank you.


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(Source: mortgagefit.com)