Posted on: 30th Jan, 2011 11:04 am
my ex is saying that he is going to make me sell or re finance the house that has his name on it still. me being a single mom of two kids 5 and 3 can not afford to refinance and i have less than favorable credit. i just got finished working with the mortgage company to modify my mortagage and i am now in the trial period. there has to be some way to get his name off the loan. any advice
Hi sgrice,
As far as I know, a loan modification will not help you in removing your partner's name from the mortgage docs. You will either have to assume the loan or refinance it in order to refinance the loan. If you're divorced and if the divorce decree mentions that you will have to refinance or sell off the property in order to remove your partner's name from it, then your partner can force you to sell off the property.
Thanks
As far as I know, a loan modification will not help you in removing your partner's name from the mortgage docs. You will either have to assume the loan or refinance it in order to refinance the loan. If you're divorced and if the divorce decree mentions that you will have to refinance or sell off the property in order to remove your partner's name from it, then your partner can force you to sell off the property.
Thanks
I just reccently did the modification before he said that he is going to make me sell or refinance. Also does not say in divorce decree anything about selling or refi. The only thing it says is that he gets 50% if i were to sell it and get a profit. Does that mean that I am going to have to buy him out? Even is we have negative equity.
Selling or refinancing is not mentioned in your property deed. In such a situation, if you sell off the property, only then you will be liable for paying him half of sale proceeds. If there is a negative equity, then you won't have to pay him anything.