Posted on: 04th May, 2009 02:44 pm
is there anyway to remove somebody from a mortgage without refinancing. i own property with a former boyfriend in illinois that he has not resided in the home for 2 years. i've been paying the mortgage, taxes, upkeep on the property. he refuses to allow me to sell because he wants to make a profit and the real estate market is down. i recently lost my job and do have not have income to refinance. i have reviewed a 2/3 program with the mortgage company but he will not sign off on this program either. would a quit claim deed or other legal option be available to remove him from any interest in the property and mortgage. he had put $15k down on the property and paid the mortgage for 1 year but never paid taxes. we had a home equity line of credit which he withdrew his equity from -- $13k. your help is appreciated.
cg
cg
CG
If he has not held up his end of the bargain, then I suggest you hire an attorney. Otherwise, he will continue to take advantage of the situation.
If he has not held up his end of the bargain, then I suggest you hire an attorney. Otherwise, he will continue to take advantage of the situation.
As Eric stated, your situation is really beyond our help. Our suggestions will only take you so far. Please conatct your attorney for an issue like this. I hope this helps...
Hi CG,
If it is a joint mortgage and your name is on the loan papers as a co-borrower, you are liable to pay it off. A quitclaim deed will only transfer the property title. It cannot transfer the loan. Thus, if you want to remove your name from the loan, a refinance is required. A novation is also possible, but it is subject to the lender's approval.
If it is a joint mortgage and your name is on the loan papers as a co-borrower, you are liable to pay it off. A quitclaim deed will only transfer the property title. It cannot transfer the loan. Thus, if you want to remove your name from the loan, a refinance is required. A novation is also possible, but it is subject to the lender's approval.