Posted on: 06th Dec, 2008 05:45 pm
i purchased a home initially by myself and then later added my brother to the title. now i am trying to move and leave him the house but i do not want to be on the mortgage loan or title. what are my options for removing my self, so i can purchase another home?
my ex was supposed to refinance the home in his name only and has yet to do so, now talking about filing bankruptcy on everything but the home. i'm still on this loan is there anything that can be done? can the judge make him sale the home?
Hi
Are you on the title? If you are, you have right to the property. You can file a partition lawsuit in court and request for a forced sale of the property. The other option would be to refinance. But that doesn't seem to be feasible, given the fact that he's planning to file bankruptcy.
Are you on the title? If you are, you have right to the property. You can file a partition lawsuit in court and request for a forced sale of the property. The other option would be to refinance. But that doesn't seem to be feasible, given the fact that he's planning to file bankruptcy.
you can definitely go back to court and seek an ordered sale.
Hey guys, still on the same subject:
I have a house that I bought together with a friend of mine but the mortgage is just on my name.
We want to refinance but the house is worth less than the mortgage balance.
Can I "Quitclaim" so he can refinance for a hopefully better rate ?
I have a house that I bought together with a friend of mine but the mortgage is just on my name.
We want to refinance but the house is worth less than the mortgage balance.
Can I "Quitclaim" so he can refinance for a hopefully better rate ?
Hi Marcoss,
Quitclaiming the property is not going to help you because even if you quitclaim you will still be responsible for the loan. Your friend will have to refinance in his name to remove your name from the loan. But as the house is now worth less than what is owed, it will be difficult for him to refinance. I think you should try to modify the loan to make your payments affordable. You can then keep making the payments under the modified repayment plan until the market value of the house goes up and your friend is able to refinance the loan in his name.
Quitclaiming the property is not going to help you because even if you quitclaim you will still be responsible for the loan. Your friend will have to refinance in his name to remove your name from the loan. But as the house is now worth less than what is owed, it will be difficult for him to refinance. I think you should try to modify the loan to make your payments affordable. You can then keep making the payments under the modified repayment plan until the market value of the house goes up and your friend is able to refinance the loan in his name.
Please tell how I can get my ex-husband name off my morgage with out refinancing. :( :(
hi
a refinance is the best way to get your ex off the mortgage. the other way to remove him from the loan is through a novation agreement. but whether or not your lender would allow a novation, depends on them. you need to discuss this option with your lender.
a refinance is the best way to get your ex off the mortgage. the other way to remove him from the loan is through a novation agreement. but whether or not your lender would allow a novation, depends on them. you need to discuss this option with your lender.
to be perfectly frank about it, i cannot comprehend a situation in which a lender would agree to novation in this current marketplace. dropping a borrower from a performing loan is inviting disaster in some cases, though i certainly recognize that a remaining borrower might be well-equipped to continue making the required payments.
however, with the rapidly changing job situation throughout this country, and with all the other forces that eat up people's income and force people into debt, novation would certainly seem to be a dirty word in a lot of lenders' offices. just my opinion, mind you.
however, with the rapidly changing job situation throughout this country, and with all the other forces that eat up people's income and force people into debt, novation would certainly seem to be a dirty word in a lot of lenders' offices. just my opinion, mind you.
If I currently own my home solely and now want my mother to take over the loan, can i just transfer it over to her, or does she need to actually purchase it from me? It is a conventional loan
Hi Terp,
You need not sell your house to your mother in order for her to take over the loan. She needs to do a refinance to get the loan in her name. If refinancing is not possible, she can simply keep making the payments on time, while the mortgage remains in your name. But in that situation, your credit will get hit in case your mother defaults on the loan. You can transfer the title to her through a quitclaim or a warranty deed.
Thanks,
Jerry
You need not sell your house to your mother in order for her to take over the loan. She needs to do a refinance to get the loan in her name. If refinancing is not possible, she can simply keep making the payments on time, while the mortgage remains in your name. But in that situation, your credit will get hit in case your mother defaults on the loan. You can transfer the title to her through a quitclaim or a warranty deed.
Thanks,
Jerry
Hi Hermie,
Welcome to our forum.
I would like to advice you that, You must have to use quite claim deed to remove your name from property deed. This is the easiest option to remove name from deed. Listen You have to draft quite claim deed by your attorney & notarize it in country records to make it validate.
Thanks & Regards.
gunz.ijjistaff.
_____________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
Welcome to our forum.
I would like to advice you that, You must have to use quite claim deed to remove your name from property deed. This is the easiest option to remove name from deed. Listen You have to draft quite claim deed by your attorney & notarize it in country records to make it validate.
Thanks & Regards.
gunz.ijjistaff.
_____________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
Approximately 3 years ago my now ex-fiance an i refinanced her home in both our names. I want to remove my name form the loan, she has been dragging her feet doing so for quite some time. What action can i take, can forced sale be filed for?
My fiance was in a long term relationship with hix ex-girlfriend and they purchased a house together (both names are on the mortgage and property). How can we have his name removed legally from those documents? He does not want to have anything to do with the property.
there's only one way and that is for his old g/f to refinance the mortgage. there's such a thing as "novation" which would supposedly allow the lender to modify the loan in that fashion without the need for refinance, but my suspicion is that the current economic climate has made novation dinosaur-like.
if she qualifies to hold the loan on her own, then they need to come to that agreement so you and he can move on and be happy ever after.
if she qualifies to hold the loan on her own, then they need to come to that agreement so you and he can move on and be happy ever after.
I am presently in chapter 13 we had a situation where we had a problem with our refinance going wrong make a long story short the mortgage company admitted there was problems with our refinance and since we have not paid morgage in just about two years the company has not forced us out and now they are offering a modification what should we do?