Posted on: 29th Nov, 2010 04:28 pm
i have a loan through calhfa and its coming on 5 years now. i was divorced almost 4 years ago and its only my income. i want his name off the loan just as much as he does but i don't want my loan amount to remain so high. its worth over $136k less than i paid for it. i can't do loan mod with calhfa because that won't get his name off and he won't sign any paperwork for them unless they get his name off the loan.
what should i do? i think the only way to get a lower smaller loan amount is by a loan modification right? if i refinance then i will be borrowing for the whole amount i owe calhfa correct? it just doesn't seem fair to pay for a loan on what is worth so much less. any help is appreciated.
what should i do? i think the only way to get a lower smaller loan amount is by a loan modification right? if i refinance then i will be borrowing for the whole amount i owe calhfa correct? it just doesn't seem fair to pay for a loan on what is worth so much less. any help is appreciated.
Hi helpccc!
Welcome to forums!
Do you have equity in your property? I guess you don't have equity in your property. In such a situation, you won't be able to get a mortgage refinance and remove your partner's name from the loan. In such a situation, the only option remains is to sell off the property and get rid of the property as well as mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Do you have equity in your property? I guess you don't have equity in your property. In such a situation, you won't be able to get a mortgage refinance and remove your partner's name from the loan. In such a situation, the only option remains is to sell off the property and get rid of the property as well as mortgage.
Feel free to ask if you've further queries.
Sussane