Me and my fiance bought a home, now his family is residing with us temporarily. It has been a year, the loan is in both our names. How can I get out of it? I has been only 3 months since we bought the home.
2007-07-16 05:24:41 · 3 answers · asked by lovesponge09 2 in Business & Finance ➔ Renting & Real Estate
You can't 'get out of a mortgage'. You agreed to a contract with a lender, and you are expected to honor the contract.
The only solution is sale of the property to terminate the mortgage, or refinance without YOUR name on it. This will take the cooperation of your fiance, of course.
2007-07-16 05:45:32 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
If you rec the loan based on your credit score, there's no getting out of it short of selling the home to someone else or having the loan rewritten by the bank formally to remove your name.
key word is formally
2007-07-16 05:36:21 · answer #2 · answered by ticketoride04 5 · 0⤊ 0⤋
He would have to refinance the house under his name only. Otherwise, you are legally obligated to pay the mortgage.
2007-07-16 05:34:10 · answer #3 · answered by triviapunky 3 · 0⤊ 0⤋