Posted on: 25th Jan, 2009 11:44 am
I am in desparate need for advice! I bought a property with my exboyfriend 3.5 years ago and he has moved out for the last 14 months & I have been stuck paying the mortgage by myself. The loan was an ARM & has adjusted to 10.175%. He won't let me sell the house, my credit score is not good enough to refinance under my name only, he has horrible credit so what are my other options to get my name out as secondary borrower and get him out of my life & not ruin my credit? i had to call cops last night because he came over to harass me. Please advise quickly.
Hi vtran,
Your ex-boyfriend has to refinance the property in his name in order to remove your name from the mortgage. As you have mentioned that his credit is not good, I don't think he will be able to refinance the property in his name. As he is not ready to sell off the property and also cannot refinance in his name, I think you can go for a partition law suit. Once you file this law suit, the court will sell off the property. Then the loan will be satisfied first and the excess amount remaining from the sale of the property, if any, will be divided between both of you.
Thanks
Your ex-boyfriend has to refinance the property in his name in order to remove your name from the mortgage. As you have mentioned that his credit is not good, I don't think he will be able to refinance the property in his name. As he is not ready to sell off the property and also cannot refinance in his name, I think you can go for a partition law suit. Once you file this law suit, the court will sell off the property. Then the loan will be satisfied first and the excess amount remaining from the sale of the property, if any, will be divided between both of you.
Thanks