Posted on: 21st Mar, 2010 08:09 pm
2 years ago my mom refinanced her house adding my name to the mortgage with a promise from her AND the mortgage company that after 1 year we would be able to remove my name. She has been making he payments late and has completely ruined my once excellent credit. I would like to be able to buy a home of my own one day soon as a 22 yr old single mother but I know as long as her house is in my name and she is ruining my credit there is no chance of my son and I ever having a house of our own. We do not even live with her in the home and I have never contributed to the mortgage payments. My mom says that there is nothing she can do and refuses to talk about the whole situation. So my question is is there anything that I can do to get my name off of her house??
Hi ibtc,
It will not be possible for you to remove your name from the mortgage until your mom refinances in her own name. As a co-borrower, you are as much responsible for the mortgage as your mom is. Thus, if your mom does not make the mortgage payments, your credit will be affected. Given current financial situation your mom is in and her credit scores, it seems very unlikely that she will qualify for a refinance.
It will not be possible for you to remove your name from the mortgage until your mom refinances in her own name. As a co-borrower, you are as much responsible for the mortgage as your mom is. Thus, if your mom does not make the mortgage payments, your credit will be affected. Given current financial situation your mom is in and her credit scores, it seems very unlikely that she will qualify for a refinance.
ibtc, you might be better off beginning to contribute to the mortgage debt in order to fix the situation. and i know i said that without taking into account your living situation, income, etc. another option, and not a very pleasant one, might be to seek a forced sale through the courts. that would, of course, eliminate the mortgage problem and pay off the debt once the home is sold. i'd like to think that the relationship would be salvageable, of course, particularly since your mom also now has a granddaughter to consider.
