Posted on: 01st Sep, 2010 11:36 am
My son and his girlfriend purchased a home and closed on June 30, 2010. 30 days later she leaves. They went with a FHA loan which Wells Fargo holds the mortgage. She wants her name removed from the mortgage as does he. How should he proceed from this point? Will he have to pay all of those closing cost again? Does he have to be in the home for at least 6 months before any type of re-fi or assumption can be done. Where will this put them with his $8,000.00 tax credit. Lastly, can she sell the house without his agreement to do so?
hi guest!
welcome to forums!
your son will have to refinance the mortgage in order to remove his girlfriend from the mortgage docs. if he refinances the loan, then he will have to pay the closing costs again. however, the lender will not be ready to refinance the loan within a month of originating it.
in my opinion, your son should contact the lender and apply for a loan assumption. if the lender accepts his request, then he will be able to get the mortgage transferred in his name without paying any closing costs.
feel free to ask if you've further queries.
sussane
welcome to forums!
your son will have to refinance the mortgage in order to remove his girlfriend from the mortgage docs. if he refinances the loan, then he will have to pay the closing costs again. however, the lender will not be ready to refinance the loan within a month of originating it.
in my opinion, your son should contact the lender and apply for a loan assumption. if the lender accepts his request, then he will be able to get the mortgage transferred in his name without paying any closing costs.
feel free to ask if you've further queries.
sussane