He helped me refinance as I cannot get a loan on my own for this amount. Can we either get him off this loan without refinancing again? Can he get a house loan of his own while still on this loan? This is a friendly split and I do not want to ruin his chances of getting his own house. Please help
2007-01-11 11:02:10 · 5 answers · asked by Wendy B 1 in Family & Relationships ➔ Marriage & Divorce
My X and i did the same thing except he kept the house. We got the house apprased We refinanced the loan which was joint. he gave me 1/2 the equity and I signed a quit deed to take me off the loan. and I went and purchased another house. So yes he can do it.
2007-01-11 12:39:51 · answer #1 · answered by sweetpea 4 · 0⤊ 0⤋
You can't get him off a loan unless the lender agrees, and it will never agree to just drop him. It needs him as a guarantor of payment. You have to refinance on your own to get him off.
Can he get another mortgage on his own if he's on a mortgage with you? He might. It will depend on his credit rating, and also on the details of the transaction on the new home. If he makes a big enough down payment so that he's not borrorowing the full amount that the house is worth, he might still qualify. Mortgage lenders take into consideration the buyer's equity in the new home as well as the owner's credit rating.
2007-01-11 19:13:59 · answer #2 · answered by AnOrdinaryGuy 5 · 0⤊ 0⤋
on vehicle loans..im not sure how all morgage companys work..i work for gmac...if you both signed a contract for the loan..its a legal binding contract, he just cant remove his name from the loan unless one refinances, and it would all depend on the company and his credit if they would allow him to have another loan even though he is on the loan with you. You could keep the loan the way it is if it is not going to be a problem him being on the loan, and if he can get another morgage, ive seen sometimes people get more cars like that, they just have to prove that the other person is making the payments somehow..like bank statements, canceled checks..the such.
2007-01-11 19:15:12 · answer #3 · answered by magickitty0621 3 · 0⤊ 0⤋
No he can't get off it without refinancing. I tried that, the bank said no. He can get another one. except that they are going to see that he's on this one, and his rate may go up, or they may deny him if he doesn't make enough money. Maybe the best way to go is to wait a while fix your credit, or whatever it is you need, and try to refinance. Or just let be so he can get his own.
2007-01-11 19:32:40 · answer #4 · answered by Brandnewshoes 4 · 0⤊ 0⤋
You cannot just take him off the loan..you can take him off title, but not the loan.
As far as if he can get financing, yes..if the circumstances are right. Will his income support two loans? Do his credit scores also support lending on more than one loan? If he has strong scroes (above 700) and your current debt to income ratio is 35% or less then he will be fine....
2007-01-11 19:47:01 · answer #5 · answered by Sharlala 5 · 0⤊ 0⤋