Posted on: 20th Oct, 2006 12:46 pm
i purchased a new home a few years back in texas, and at the time i was married and living with the person. we lived together for one year in the home, and we could not agree, so she left me in the home. after fours months of being apart we could not mend the relationship; i decided to move and sell the home.
her name is on the title, but not on the loan because she couldn\'t qualify at the time, so the bank agreed to have me do it alone.
so i got a great opportunity in a different state and i had to move on it fast, so i moved out the home and put it up for sale. to my surprise, my ex-found out and moved into the home without us agreeing. she said that she can pay the mortgage, and she has, but she as also fallen behind many times over the last 12 months. in turn, this falls on my credit. i have no interest in moving back into the home, and at this point, i just want my name off the loan or property. how can i go about doing this??
her credit and income is not possible to refinance the loan by herself in my understanding. can you give me some ideas on the easiest way to get loose for this nightmare??
my email:
her name is on the title, but not on the loan because she couldn\'t qualify at the time, so the bank agreed to have me do it alone.
so i got a great opportunity in a different state and i had to move on it fast, so i moved out the home and put it up for sale. to my surprise, my ex-found out and moved into the home without us agreeing. she said that she can pay the mortgage, and she has, but she as also fallen behind many times over the last 12 months. in turn, this falls on my credit. i have no interest in moving back into the home, and at this point, i just want my name off the loan or property. how can i go about doing this??
her credit and income is not possible to refinance the loan by herself in my understanding. can you give me some ideas on the easiest way to get loose for this nightmare??
my email:
hi clint,
if she agrees then an option is to do a deed-in-lieu of foreclosure.
another thing is that you can quit claim the house in her name and ask her to agree to a novation agreement. that way also you will have no responsibility for the payments, your name will also be removed from the property.
but novation will depend upon the lender, if the lender agrees then it can be done, you will have to discuss the issue with the lender.
thanks
colin
if she agrees then an option is to do a deed-in-lieu of foreclosure.
another thing is that you can quit claim the house in her name and ask her to agree to a novation agreement. that way also you will have no responsibility for the payments, your name will also be removed from the property.
but novation will depend upon the lender, if the lender agrees then it can be done, you will have to discuss the issue with the lender.
thanks
colin
Harris, I am quite sceptical as to whether the lender shall agree to novation as your ex has not been falling behind payments for the past 1 year. This is actually affecting your credit as your name is on the loan and not hers. Since the loan is in your name, you are expected to ensure that payments are made on time.