Posted on: 13th Oct, 2008 04:15 pm
I have moved out of a mobile home inhabited by my old boyfriend 4 months ago. I recently tried to put my name off of the morgage but my lender has told me that I need to pay back 12,000 dollars and have an inspection just to get rid of my signature. How can this be the only option? I want to get my name as far from this situation as possible. All he has to do is not pay and it's on me as well. There has to be something I can do to get my name off this house isn't there? I lived there 2 years out of a 5 year stint so I would greatly thank any help I can get. I would rather be out than have to put up with 3 more years of him thank you.
hi ruby!
welcome to forums!
there are two options. you can either ask your ex to refinance the mortgage and transfer it in his name. or you can also go in for the process of novation. lenders generally prefer refinance. but in case this is not possible, your ex can go for novation.
feel free to ask if you have further queries.
sussane
welcome to forums!
there are two options. you can either ask your ex to refinance the mortgage and transfer it in his name. or you can also go in for the process of novation. lenders generally prefer refinance. but in case this is not possible, your ex can go for novation.
feel free to ask if you have further queries.
sussane
Hi Rubyjohansen,
Isn't your old boyfriend willing to refinance the mortgage in his name? isn't he paying for the mortgage? If that is so, and you don't get to remove your name, then things could get worse for you. The lender may be willing to foreclose. So, what I would suggest is, if your boyfriend does not want to refinance and the lender insists on charging money to take your name off the mortgage, negotiate with the latter to reduce the $12000 to an amount you can afford. This is what I can think about how to get out of a mortgage in your situation.
I understand the lender shouldn't have charged you when there are other options like refinance etc. But it's a far better option than ending up with foreclosure on the home. Also, get your name removed from the title to the property.
Regards,
Jessica.
Isn't your old boyfriend willing to refinance the mortgage in his name? isn't he paying for the mortgage? If that is so, and you don't get to remove your name, then things could get worse for you. The lender may be willing to foreclose. So, what I would suggest is, if your boyfriend does not want to refinance and the lender insists on charging money to take your name off the mortgage, negotiate with the latter to reduce the $12000 to an amount you can afford. This is what I can think about how to get out of a mortgage in your situation.
I understand the lender shouldn't have charged you when there are other options like refinance etc. But it's a far better option than ending up with foreclosure on the home. Also, get your name removed from the title to the property.
Regards,
Jessica.
