Posted on: 28th Nov, 2007 07:16 pm
my brother and i bought 2 houses on 3 acres which we live in. we are both married. i am now getting a divorce and my wife would like to have her name off the loan. she wants no money. we bought when the market was high so we owe more than the house is worth and the interest rate is higher and my brother and i can not afford to refinance. is there a way to take her name off the loan without refinancing, i have been making the payment for the last year without her or her income. if this isn\'t possible anyone have any advice.
It's not possible. ESPECIALLY if the market has declined...
You will need to refinance...and I would try it anyway to give her the benefit of doubt
You will need to refinance...and I would try it anyway to give her the benefit of doubt
hello idmartin,
did you talk to your lender about a refinance?
novation is another option by which you may remove your wife's name from the mortgage. lenders generally do not allow to take off the co-borrower's name from the mortgage note but if you have a good credit with a significant income your lender might give consent to a novation.
did you talk to your lender about a refinance?
novation is another option by which you may remove your wife's name from the mortgage. lenders generally do not allow to take off the co-borrower's name from the mortgage note but if you have a good credit with a significant income your lender might give consent to a novation.
Thanks for the idea on novation, we will try it.
Hello Idmartin,
Yes, you may talk to your lender for a novation and see if he agrees to do that.
Feel free to ask if you have any further query.
Yes, you may talk to your lender for a novation and see if he agrees to do that.
Feel free to ask if you have any further query.
You will have to refinance for her to be taken off the loan.