Posted on: 26th Sep, 2008 02:48 pm
[color=DarkRed:2c21f83ff4][/color:2c21f83ff4]My boyfriend and I took out a mortgage on a house we bought together. He pays the loan as per our verbal agreement. I want to have my name taken off the loan (he agrees) Is this possible? Also what happens if we foreclose on the house but the liens on the house are greater than the mortgage? How long do liens stay on? How long does it ruin your credit when you foreclose?
the only way to remove your name from the loan is for him to refinance or sell it.
if you foreclose it limit you from obtaining a new conventional loan for at least three years. the foreclosure is reported for at least 7 years on your credit.
if you foreclose it limit you from obtaining a new conventional loan for at least three years. the foreclosure is reported for at least 7 years on your credit.
Hi lili!
Welcome to the Forums!
The best take away your name from the mortgage is refinancing. Ask him to refinance it. A foreclosure will affect your credit for at least 7 years and to get a new loan, you will have wait for at least 3 years.
Feel free to ask if you have further queries.
Sussane
Welcome to the Forums!
The best take away your name from the mortgage is refinancing. Ask him to refinance it. A foreclosure will affect your credit for at least 7 years and to get a new loan, you will have wait for at least 3 years.
Feel free to ask if you have further queries.
Sussane
