Posted on: 06th Mar, 2012 10:58 am
My brother and I bought a house abotu 4 years ago, I got married and want off the loan so i can buy another one. He wont refiance so that is not and opption. What is the best way to get off the loan fast and easy that doesnt screw him over?
Hi Rak,
Unless your brother refinances the loan, it won't be easier for you to remove your name from the mortgage. Nevertheless, you can ask your brother to try and assume the loan solely in his name. This may solve the problem.
Thanks
Unless your brother refinances the loan, it won't be easier for you to remove your name from the mortgage. Nevertheless, you can ask your brother to try and assume the loan solely in his name. This may solve the problem.
Thanks
hi rak!
welcome to forums!
novation is also an option which your brother can use in order to remove your name from the mortgage and get it transferred solely in his name. however, it is true that lenders will always prefer the option of refinance to novation.
feel free to ask if you've further queries.
sussasne
welcome to forums!
novation is also an option which your brother can use in order to remove your name from the mortgage and get it transferred solely in his name. however, it is true that lenders will always prefer the option of refinance to novation.
feel free to ask if you've further queries.
sussasne
If you can prove he is making all of the payments on time.... you might be able to exclude that debt from your debt ratios
