Posted on: 06th Jun, 2009 09:30 am
There have been many posts on this topic so it deserves to be up here as a "sticky".
Answer...
Once someone's name is on the mortgage you will not be able to get it removed. The bank approved the loan based on the income of ALL borrowers. All borrowers on the mortgage are financially responsible for making the payments regardless as to what agreement the two borrowers may have with one another.
Solution...
There are two ways to have a name removed from a mortgage...
1. Refinance the loan
2. Sell the home
If someone co-signs on the mortgage, that person has the same obligation as the primary borrower. The co-signer cannot be removed from the mortgage unless one of the two solutions above occur.
Answer...
Once someone's name is on the mortgage you will not be able to get it removed. The bank approved the loan based on the income of ALL borrowers. All borrowers on the mortgage are financially responsible for making the payments regardless as to what agreement the two borrowers may have with one another.
Solution...
There are two ways to have a name removed from a mortgage...
1. Refinance the loan
2. Sell the home
If someone co-signs on the mortgage, that person has the same obligation as the primary borrower. The co-signer cannot be removed from the mortgage unless one of the two solutions above occur.
does a quitclaim deed count as "selling the house"? i need to take over the mortage and property from my parents and we were going to do a quit claim deed. is this the easiest way to do this?
There is another way to take off a person''s name on a mortgage. It can be done through the loan modification process through HAMP or in-house modification programs through lenders & servicers. I have seen this done in Florida and Georgia so I''m sure it can be done in other states. I have also seen a person added to a mortgage in the modification process so that the loan could be restructured. Additional income was needed for the homeowner to qualify for a modification and the lender allowed her to add her mother to the deed and loan so her income could be included. I hope this helps.
She got approved for a loan mod, i didn't? she asked me to move, so she can move in! She said she cannot re-fi for about 4 yrs an she is now on a 3 month trial payment with the loan mod, i would really like to get my name off or claim bankruptcy?
Hi Guest,
You can contact a bankruptcy attorney and file bankruptcy. However, if you should file bankruptcy, then you shouldn't transfer the property now. It will make you ineligible to file bankruptcy. Contact a bankruptcy attorney and take his opinion in this matter.
Thanks
You can contact a bankruptcy attorney and file bankruptcy. However, if you should file bankruptcy, then you shouldn't transfer the property now. It will make you ineligible to file bankruptcy. Contact a bankruptcy attorney and take his opinion in this matter.
Thanks
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