I would like to know if its possible to have your name removed from a mortgage. Ive been on it for 11months and its a fixed 5yr mortgage.Also what costs are there involved in doing a name removal (if its possible)from a legal document, We was not married, just living together also,i dont know if that changes anything. thanks for your help.
2006-12-23 09:09:15 · 7 answers · asked by rod t 1 in Business & Finance ➔ Renting & Real Estate
the only way i know to do it is refinance with only one name put on the loan.
2006-12-23 09:14:51 · answer #1 · answered by george 2 6 · 2⤊ 0⤋
Your best bet is to get your girlfriend to refinance it only in her name and to quit claim your portion over to her during the refinance.
I would highly advise you to not change the legal document into her name only. Why? What if she stops paying on the mortgage? You're on the hook for it but you can't force the sale of the house to satisfy the mortgage because you had already signed the house over to your girlfriend.
2006-12-23 22:11:10 · answer #2 · answered by El_Nimo 3 · 0⤊ 0⤋
Your name can only be removed if the other person has collateral to back up the amount owed on the 5 year mortgage, or if the person holding the lien agrees to have your name removed.
2006-12-23 17:19:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The only way is to do a refinance by the person(s) wanting to stay on the mortgage. Or, sell the property, of course.
Taking your name off of the deed doesn't relieve you of the obligation to re-pay either, it just may give up your rights to the property but still obligate you to the debt, depending on the state.
2006-12-23 17:21:45 · answer #4 · answered by walkinandrockin 3 · 1⤊ 0⤋
Refinance.
The loan was made to both people based on submitted documents that the loan would be repaid. Loss of one of the creditors might impair the ability of the lender to collect, whether the remaining creditor can repay it alone or not.
2006-12-23 17:13:43 · answer #5 · answered by Thomas K 6 · 1⤊ 0⤋
Get it refinanced man !!!!
If your girlfriend has a good or so so credit history then i can find you very good deals at about the higher fves and lower sixes .As the interest rates are also lower now it will be a best option for you to get your name out of the loan and also to get a better deal on the loan .
For more information write to me at kishaloy_bhowmick@yahoo.com or call me at 480.751.4125 .
regards,
kish
2006-12-23 23:55:53 · answer #6 · answered by kishaloy_bhowmick 2 · 0⤊ 0⤋
This question substantiates further proof that one does not need to be married (gay or straight) to have legal rights or liabilities. Enough of gay marriage to establish civil union rights!
2006-12-23 17:47:21 · answer #7 · answered by Nani 4 · 0⤊ 0⤋