Posted on: 22nd Feb, 2009 10:02 am
I bought a house with a male friend and would like to come off the mortgage as i can no longer afford it, he has said that he will take it on but obviously it is now in negative equity. how do i go about it?
Hi michelle,
You can transfer your share of interest in the property to your friend through a quit claim deed. Since the house is in negative equity refinancing would not an easy option. But once you quitclaim it to him, you can ask the lender to remove your name off the mortgage and I don't think the lender will have much objection to that. You can also consider a Novation agreement, which is subject to your lender's approval.
You can transfer your share of interest in the property to your friend through a quit claim deed. Since the house is in negative equity refinancing would not an easy option. But once you quitclaim it to him, you can ask the lender to remove your name off the mortgage and I don't think the lender will have much objection to that. You can also consider a Novation agreement, which is subject to your lender's approval.
how do i get my name off a mortgage due to a breakup
the morgage is in my mother name but, she want my name to be on the morgage incase anything happen to her.
Hi nikkisweet!
Welcome to forums!
You will have to refinance the mortgage in order to get your name on the mortgage docs. Once you refinance the loan, you'll become responsible for paying the dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will have to refinance the mortgage in order to get your name on the mortgage docs. Once you refinance the loan, you'll become responsible for paying the dues.
Feel free to ask if you've further queries.
Sussane
My husband filed chapter 13 and I am unable to refinance because it is now affecting my credit. How can I take his name off the deed and mortgage?
hi jody!
welcome to forums!
as your husband is in chapter 13 bankruptcy now, you won't be able to remove him from the mortgage and the deed. you should wait till your husband gets a discharge from your bankruptcy filing and then apply for a refinance.
feel free to ask if you've further queries.
sussane
welcome to forums!
as your husband is in chapter 13 bankruptcy now, you won't be able to remove him from the mortgage and the deed. you should wait till your husband gets a discharge from your bankruptcy filing and then apply for a refinance.
feel free to ask if you've further queries.
sussane