My ex-boyfriend and I bought a house in July 2007, we are both on the loan and the title of the house. We are now broken up and he currently lives in the house. He wants me to quit claim the house to him but I do not feel that is fair. He is not in a position to refinance it and we can't sell it for what it is owed in it. What are my options?
You have very few options. Your best bet might be for him to stay in the house and keep the payments current. Then, when the market goes back up--who knows when that will be?!?, you can list it for sale and split the net proceeds or possibly he may then be able to re-finance.
Or, you could perhaps rent it out to a third person who will cover the cost of the mortgage and split anything paid in excess of the mortgage and expenses--again, that's probably not going to happen.
You could force a sale of the property by filing an action to quiet title in state court and both share in the loss.
I wouldn't suggest, based upon the limited info. that you provided that you just deed over the property to him. If you do that, you are still obligated on a house that you have no legal interest in.
It is never very smart, in my opinion, to do the last option, or as you are finding out, purchase a home with a boyfriend or girlfriend.
Sorry I don't have better options for you.