Posted on: 01st Jul, 2011 01:46 am
I have a mortgage with another person on a property. How do I get out a mortgage with a person who is not my spouse, but is on the mortgage with me? Please help.
Hi beauty,
If your name is on the mortgage, then you're equally liable for paying off the mortgage debt. If you want to remove your name from the mortgage docs, then you will have to ask the other mortgage borrower to refinance the mortgage in his/her name. Once the person does so, then you won't remain liable for paying off the mortgage any more.
Take care
If your name is on the mortgage, then you're equally liable for paying off the mortgage debt. If you want to remove your name from the mortgage docs, then you will have to ask the other mortgage borrower to refinance the mortgage in his/her name. Once the person does so, then you won't remain liable for paying off the mortgage any more.
Take care
Beauty, I have to assume that you and the other party are joint owners of the real estate. Is that right?
Sara is right in that the other party would need to refinance the existing mortgage in his or her own name. But there's more to the story. If you two own the property jointly, there would have to be a transfer of your ownership interest in the property to that person - prior to the refinancing of the mortgage.
Another key element is how (and if) that person will qualify for the proposed mortgage. Without your income, it might be difficult for the lender to grant a new loan, and that could further complicate your life by forcing the two of you to continue to share the expenses.
You probably ought to seek out the advice of an attorney concerning the best method by which to attack this situation.
Sara is right in that the other party would need to refinance the existing mortgage in his or her own name. But there's more to the story. If you two own the property jointly, there would have to be a transfer of your ownership interest in the property to that person - prior to the refinancing of the mortgage.
Another key element is how (and if) that person will qualify for the proposed mortgage. Without your income, it might be difficult for the lender to grant a new loan, and that could further complicate your life by forcing the two of you to continue to share the expenses.
You probably ought to seek out the advice of an attorney concerning the best method by which to attack this situation.
If you transfer a property to an ex-spouse with a special warranty deed, but ex-spouse hasn't refinanced it, are you still liable for payments?
Ex-spouse paid late on mortgage for several months and it's showing on my credit report. The lender says it was still my responsibility and they won't take it off.
Is there anything I can do to take it off my credit report?
Ex-spouse paid late on mortgage for several months and it's showing on my credit report. The lender says it was still my responsibility and they won't take it off.
Is there anything I can do to take it off my credit report?
Dutchie, it is definitely still your responsibility. There's no way to take a name off a note - once signed, it is forever or until paid in full.
The only way in which you'll escape this situation is if the ex-spouse does, indeed, obtain a refinance of the loan.
That's less and less likely with the occurrence of late payments. You two may want to have a new conversation about this.
The only way in which you'll escape this situation is if the ex-spouse does, indeed, obtain a refinance of the loan.
That's less and less likely with the occurrence of late payments. You two may want to have a new conversation about this.