Posted on: 10th Aug, 2010 02:13 pm
my sister and i bought a house together in april 2007. we have no equity in the house since the market has dropped. the current loan balance is $170,053. we have not had the house appraised, but my boyfriend is a realtor and after doing some market analysis comparables he said the house may be worth between $167,500-$170,000(high-side). she is now engaged to be married this ocotober and wants her name off the mortgage. she has moved out with her fiance and i have been paying every monthly mortgage payment for the past 11 months on my own. she has not been responsible for the payments. my main concern is that if i refinance to get her name removed from the mortgage, i fear that now is not the best time to refi, and i will just be adding more debt to an already bad loan. does this make sense? please, if there is anyone that can help point me in the right direction it would be greatly appreciated. i would like my sister's name to be removed as much as she would, however, like i said i have an uneasy feeling about refinancing when we have no equity in the house. is there any possible way to remove her from the mortgage without adding money to the new loan??
Now is the best time to refinance in the last 54 years. Rates are ridiculously low. Of course there is a way to refinance without adding more money to the new loan, pay the costs out of your pocket.