my mum is in a bad marriage and her name is on the mortage and she wants out of it now. what does she do.
2007-01-14 17:28:32 · 7 answers · asked by sharyn c 1 in Business & Finance ➔ Renting & Real Estate
As others have suggested, the most common way is to refinance the property. The other way would be to do something that is called a "simple assumption", however, this is not as common and would depend on your mortgage servicer. Basically what is involved is that he would assume the remainder of the loan under the current terms individually, thus removing her from the mortgage and note.
Another thing to consider, if your mother remains married to this man and he refinances without her, she may still be liable for the loan should anything happen. This depends on state and local laws, but it is something that she should consider. I hope it all works out for the best for her.
2007-01-15 00:53:14 · answer #1 · answered by Sithein 3 · 0⤊ 0⤋
She will have to convince him to refinance the property in his name only and quitclaim her interest to him. If there is equity in the property then they will have to decide what to do with it. The current lender will not just agree to take her off the loan - they would be losing security with no compensation. DO NOT let her transfer title to him without the refinance. If they do that then he will own the house but she will still be liable for the mortgage and it can devastate her credit if he missed payments or defaults. This is a pretty simple and straightforward process, but it has to be done right to protect your mom.
2007-01-14 18:25:13 · answer #2 · answered by sdmike 5 · 1⤊ 0⤋
First, the spouse ought to ought to comply with having her call bumped off. Your buddy can attempt to barter with the business agency.......Ask the business agency in the journey that they could opt to ought to foreclose and lose a tremendous number of money interior the approach. The economic agency shouldn't fee better than a million% of the loan stability which pay for the paper artwork and processing expenses of the business agency. evaluate calling the business agency's bluff......i ought to tell them in the journey that they are unwilling to cooperate that your buddy will end making the funds and they could have the position again at a tremendous loss. extremely, this can be a win-win difficulty for all the activities, consisting of the business agency.
2016-11-23 19:08:55 · answer #3 · answered by bernabeu 4 · 0⤊ 0⤋
He can file a quit claim deed to get her name off the deed but in order for her to get her name off the mortgage he will have to refinance, maybe if she offers to pay closing costs he will consent to do this.
2007-01-15 02:04:36 · answer #4 · answered by samilynn04 2 · 0⤊ 0⤋
Your mom will have to have her husband refinance the mortgage. He'll have to qualify for the loan based on his own credit and income.
2007-01-14 18:11:30 · answer #5 · answered by Le_Roche 6 · 1⤊ 0⤋
I think you have to remortgage - it's not as easy as just taking your name off.
2007-01-14 17:37:58 · answer #6 · answered by RadTech - BAS RT(R)(ARRT) 7 · 0⤊ 0⤋