How to get off mortgage

Hi Ml,

I can understand you situation very well. No use worrying now, something needs to be done to get out of this situation. So keep your cool and think about on how to get out of a mortgage. Let's see how I can help you.

You say that your ex boyfriend is unable to refinance, and you are out of state. Then aren't any of you paying for the existing mortgage? If not, then you may be in trouble, since you too have the liability of the mortgage, as it seems to me from what you are saying.

I shall suggest that you consult your lender and explain the whole situation and also try to convince your boyfriend to refinance the loan. If he doesn't then there are two options. Either you pay it off and if it's that difficult for you to bear the payments, then I guess you need to talk to a mortgage attorney as soon as possible.

Taking a legal action requires lots of cash, hence what I feel is just talk to your boyfriend once again and this time if he's not willing to help you, then just take the help of the attorney, as it's all about getting back your home.

Regards,

Jessica.

Hi Jessica
Thanks for the quick response. My ex actually still lives in the house and wants to keep it. He has been making the payments by himself for the last two years. He tried to refinance, but due to his credit was unable to. If we tried to sell it we would take a huge loss. I have not lived in it for about 2 years and have sinced moved out of state. I don't want the house back, I just want to be off the mortgage. I would like for him to be able to keep it. I have talked to the mortgage company, and they said my only option was for him to try to refinance it. I just thought maybe there was another way. I appreciate your help.
Thanks.
ml

hi ml,

have you asked the mortgage company if they would allow for a novation other than a refinance? i mean, if your lender agrees, then you can at least transfer the liability of paying the loan to your boyfriend through novation.

have your mortgage company told you anything about novation? if not, just have talk to the company regarding this and find out what they have to say.

regards,

jessica.

Hi Jessica, I am trying to get my mortgage into an LLC and I really don't have money to hire a lawyer. I guess I have to quick claim it into the LLC, which I can do over the internet, maybe. Also can I transfer the actual mortgage payments over and if I don't what is my liability if something happens with the property?

Welcome Kelly.

If you want to transfer the property to LLC then you will have to inform the mortgage company and take their permission. The mortgage may need to be refinanced on the name of LLC too. Otherwise the mortgage company will not give you permission to quitclaim to LLC.

Welcome Kelly,

Niicss is right every mortgage/loan has covenants that prevent you from deeding your property to someone else and/or legal entity. If you deed the property to an LLC the and the mortgage company finds out they will call your loan. In other words they will ask you to pay them the amount due within one month or they will take the property from you.

The only way to get a mortgage into an LLC is if the LLC has good business credit where it could legally purchase the house from you.

Can I do a quit claim as part of a will to have my home given to my children at the time of my death.

Hi ROSE,

You can transfer your share of interest in the home to your children through a quitclaim deed. But if you already have a will stating your children will inherit your property in your absence, I don't think you need to quitclaim. However, quitclaim can help you avoid probate, which isn't possible in case you leave a will.

I would likely begin by confirming that the lender has perfected your recourse by asking for a copy of the lenders loan file including the note and all disclosures, if you have not signed all the disclosures you have some fighting points or better yet if you did not sign the note than you are off the hook. If you signed everything and all the documents are correct than you have limited options none likely to be fruitful but you could attempt to procure a release of liability from the lender but I doubt they would agree. Since you likely have no contracts among you and your ex boyfriend it may be time to try and set some terms to writing, IE who's going to make the payments, who is going to maintain and live in the property, etc. You could find yourself making the payments to keep your credit up and he gets to live there! You also should look at options to limit your liability on the chain of title, lets say he gets sued and a money judgment gets attached to the property now you have married yourself via the property to that debt. You may want to speak with an attorney about all this.

i'm getting a house and in six months i want my sister off the ded and loan is that possible

yesenia

welcoem to the forum

yes you need to refinace the loan in your name and aks your sister to write a quit claim deed

good luckl and feel free to ask

I have a mortgage with a friend who lives in the property still we once shared. I moved out of the property 6months ago when work came up abroad. I am looking to purchase my own property in 6 months on my return. I have found out that 4 months ago my friend hasn't been paying for the mortgage. What will this be doing to my credit rating? I did ring my lender and explained I was no longer in the property or even country and it seemed to fall on deaf ears. What way could i do to get out of this mortgage before re-posseson happens? My friend knows I want off but hasn't done anything about it.

maestro, it looks like your only option is to come up with the money for the amount owed. your friend hasn't done anything undoubtedly because he is unable to do so. if he can't make payments for 4 months, he can't do much else either, i'm sure.
yes, your information did fall on deaf ears. regardless of your circumstances (in or out of country, etc.), you are still liable on that debt.

as for the credit rating, it will take a nosedive with the missed payments.

my ex wife has not pay the note for 10 month on a house that has both of our names on the loan the court award her the house 6 years ago she was order to refi. but failed to do so. She has since remarried I have too her not making payment is effecting me in the purchase of a new home. We have little communication about the issue and make credit is taking a major hit is there anythung I can do.

well you could go to court to seek a court-ordered sale, but the lender is probably about to foreclose if they haven't begun that action already. i think it's too late to do anything that will benefit you, in all honesty. speak with the lender - inasmuch as she hasn't refinanced, you are still on that loan and you have every right to speak to them. see if there's any hope of modification, or if a short sale makes sense or if they've already acted (i guess you'd know that already though).

it looks like a lost cause, i'm afraid.