I just bought a home with my boyfriend and now that I am about to have a baby I am giving our relationship a second thought. It was fine for me, but I don't really know if I want my son to grow up in that kind of home. I was just wondering if there was some way my name could be taken off the loan and the title (both our names are on these) or if I am stuck.
2007-04-20 06:10:10 · 5 answers · asked by preciousdream7 1 in Business & Finance ➔ Credit
Unfortunately, unles the boyfriend refinances or the lender agrees to release you from liability (why would they) there is no way to get your name off the loan.
2007-04-20 06:14:42 · answer #1 · answered by Anonymous · 1⤊ 0⤋
He has to refinance the home in his name. It's a Simple process, unless he is denied for the refinance loan due to his credit or debt ratio etc.
If he is denied, then there is nothing you can do unfortunately...unless you both decide to sell the home (even at a loss) OR hit the lotto and pay off the mortgage. Good luck.
2007-04-20 06:19:04 · answer #2 · answered by lilpuppy6 3 · 0⤊ 0⤋
As far as you coming OFF title, you would need the lender's approval, rarely if ever given. Check with your mortgage servicer and see if they would consider it before you move forward with that change. If not, a refinance would be the easiest thing to do, and he might even end up with a better mortgage, rates being what they are.
Also talk to him before, because granted you will need his signature in all of this.
2007-04-20 06:24:21 · answer #3 · answered by nyalley85 3 · 0⤊ 0⤋
You're stuck unless the lender agrees to take it off, or your boyfriend agrees to buy you out and is able to refinance it in his name only.
2007-04-20 06:24:33 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
The lendor and your boyfriend must agree to it.
2007-04-20 10:38:20 · answer #5 · answered by ? 6 · 0⤊ 0⤋