Posted on: 16th Jun, 2010 07:47 am
Me and my gf have decided to go our separate ways and i co-signed on a mortgage with her so we could get a house together. We've been living here for 3 years and we would like to take my name off the mortgage, she makes more than enough to handle the payments by herself. Is there an easy route to making this possible or is it difficult to get my name off the mortgage? Also, if my name isnt removed from the mortgage, how difficult does it make this in getting a loan to buy my own home?
Hi
Snumagoo
your GF need to refinance the mortgage on her name .Firstly she need to convey this to your current mortgage lender about this move and if she qualifies for refinance then it is much more easy.
But if she does not qualify for refinance from the current lender she need to find another one.and she may have to pay extra interest (transfer charges deed charges etc.) when it comes to shift the loan.
Snumagoo
your GF need to refinance the mortgage on her name .Firstly she need to convey this to your current mortgage lender about this move and if she qualifies for refinance then it is much more easy.
But if she does not qualify for refinance from the current lender she need to find another one.and she may have to pay extra interest (transfer charges deed charges etc.) when it comes to shift the loan.
Hi,
If the property is a joint one then sign a quitclaim deed and transfer the property in your wife's name. After the quitclaim your wife needs to re-finance the mortgage in her name. However it is totally up to you wife's decision to re-finance. If she disagrees then you too will be liable for the mortgage even after the divorce. The lender also has to approve the re-finance.
Hope this will help you.
If the property is a joint one then sign a quitclaim deed and transfer the property in your wife's name. After the quitclaim your wife needs to re-finance the mortgage in her name. However it is totally up to you wife's decision to re-finance. If she disagrees then you too will be liable for the mortgage even after the divorce. The lender also has to approve the re-finance.
Hope this will help you.