Posted on: 28th Jan, 2010 05:36 pm
My daughter and her partner have split. Both their names are on the loan.Her partner left her the house but now refuses to sign off on the loan. Is there anyway to have her partners name removed without refinancing? The house is no longer worth as much as the loan. Thank You
a person signing a note signs that note for the duration of the loan. there's no removal. however, you cited the partner's refusal to "sign off on the loan." i'm not quite sure what you think the partner could accomplish here. lenders simply won't allow it.
the more likely scenario would be for the partner to relinquish his or her interest in the property in exchange for a percentage of the equity in the property, at which point your daughter obtains a refinance from a lender to replace the existing mortgage.
it doesn't sound like that's happening here, either.
the more likely scenario would be for the partner to relinquish his or her interest in the property in exchange for a percentage of the equity in the property, at which point your daughter obtains a refinance from a lender to replace the existing mortgage.
it doesn't sound like that's happening here, either.
Thank you. The partner is only doing this out of anger. By doing this , she is unabling my daughter to get a home modification from the bank. The bank wants both signatures to finish the modification which my daughter needs since there is only 1 income now. Thank you for your help.
i get it now...thanks for the clarification. i didn't read the partner's refusal to "sign off" in that fashion.
man oh man...anger will cause us to do things that are absolutely detrimental to the common good. i hope your daughter can persuade her to get things right - even if their relationship has soured, it's only civil to do the right thing.
it's downright mean spirited to refuse to cooperate in a case like this.
man oh man...anger will cause us to do things that are absolutely detrimental to the common good. i hope your daughter can persuade her to get things right - even if their relationship has soured, it's only civil to do the right thing.
it's downright mean spirited to refuse to cooperate in a case like this.