Removing name from Mortgage

cls, the mortgage will have to be refinanced in your husband's name after which your name will be removed from the mortgage. and at the time mortgage is refinanced a quit claim deed can be made for transferring property title also in his name.

Yes the loan has to be refinanced in his name, then only you will be removed from the mortgage, talk to your lender about it. But until the mortgage is refinanced in his name don't transfer ownership of the house over to him otherwise you will remain on the mortgage but without any rights on the house.

And in case mortgage cannot be refinanced in his name because of credit problems or any other reason you will get stuck with a mortgage showing on your credit report. It will also result in affecting your score if he later on stops payments on the mortgage.

So make sure refinance and title transfer take place the same time.

Miller

'But until the mortgage is refinanced in his name don't transfer ownership of the house over to him otherwise you will remain on the mortgage but without any rights on the house. "
Yes, I have also seen many getting into problem with a mortgage in their name after transferring ownership to husband.
And it can be a problem if later on you decide to take a mortgage for yourself to get a new house as previous mortgage will still show on your report.

I have currently been in a de-facto relationship for almost three years. He decided to leave last weekend, Sunday 1/3/09. Both of our names are on the mortgage and I would like to take my name off the contract. How do I do that & How much will it cost aproximately?
Sincerely Sue

Hi Suzette!

Welcome to forums!

If you want to remove your name from the mortgage, then you will have to ask your ex-partner to refinance the mortgage in his/her name.

Sussane