Posted on: 07th Sep, 2009 06:51 am
my fiance and i have decided to call it quits, unfortunately we have both of our names on our mortgage and deed. i wish to move out, and move on with my life and he wants to reside in the house. he has most of the income anyway, and good credit. what is the fastest possible way to get me out of the house and not to be financially responsible anymore? i have been told to refinance, but with the housing market in it's current state, we are in a position where we owe about $20,000 more than what the house is estimated to be worth now. please help! i'm at my wit's end.
Hi Megan,
The only way to remove your name from the mortgage is through a refinance. The lender would not want to take your name off the loan without the refinance. He has a good income and credit. So, it'll not be a problem for him to qualify for a refinance. But the problem is that the home value has decreased in this market. However, the Home Affordable Refinance Program allows you to refinance up to 125% of your home value. Thus, there's still a chance for him to refinance the loan. But in order to qualify for the HARP, your mortgage needs to be owned by Fannie Mae or Freddie Mac.
The only way to remove your name from the mortgage is through a refinance. The lender would not want to take your name off the loan without the refinance. He has a good income and credit. So, it'll not be a problem for him to qualify for a refinance. But the problem is that the home value has decreased in this market. However, the Home Affordable Refinance Program allows you to refinance up to 125% of your home value. Thus, there's still a chance for him to refinance the loan. But in order to qualify for the HARP, your mortgage needs to be owned by Fannie Mae or Freddie Mac.
Savior is correct in referencing the new program which allows you to refinance up to 125% of your home.
You can read more about your initial question here..
http://www.mortgagefit.com/problems/removename-refinance.html
You can read more about your initial question here..
http://www.mortgagefit.com/problems/removename-refinance.html
The Key factor is the mortgage needs to be owned by Fannie Mae or Freddie Mac
is it work for getting 125% refinance?
Smith,
125% refinance means refiance limit is 125% of current appraised value of property.
in today's scenario, property value has gone down like anything. increased refinance limit is helping inviduals in a great way.
125% refinance means refiance limit is 125% of current appraised value of property.
in today's scenario, property value has gone down like anything. increased refinance limit is helping inviduals in a great way.