what happens if there are two people in mortgage and one of the persons doesnt want to be part of the mortgage

Question

what happens if there two people in a mortgage and one of the persons does not want to be part of the mortgage?
the person that wants to keep the house has bad credit so he can not refinance, if he refinances on his own his mortgage payment will go up, so what's the worst that can happen to the person keeping the house ?

Answer 1

You could try approaching the current mortgage company to see if they'd be willing to finance the individual with the bad credit. Since they already have a payment history with him, they may be more open to it than other banks.
Don't forget if there's equity in the home, you'll have to figure out a way to split that up too (or forget it)

Answer 2

I'm kinda of in the same situation me and my dad are on the mortgage together and a family feud is going on between my dad and my husband its crazy and now he wants to sell the house I can't afford this house so I think you should tell them to buy you out or put the house up for sale. cause if they keep the house with your name on the loan and they screw it up its gonna effect your credit.or if they keep on making good payments its gonna make your credit better good luck

Answer 3

Depends on the reason that the other person wants out of the morgage. Theoritically it is possible for the person to go to court to force a sale of the house but again it depends on the reason.

Answer 4

your best bet is to have the house sold, split the profit, and with that money you should be able to make a down payment on your onw house. and in the future this is a lesson learned do not co-sign or share a loan.

Answer 5

The person keeping the house just needs to buy the house from the other person.

It is best that he refinances.

You can do it!!!