Both of their names are on the mortgage. But they splitted up without being married. One still has the house and still making regular mortgage payments. The other one that left wants his or her name off of the mortgage. Also, any difference from the process of removing a name from the mortgage from a divorce if one still retains the home and mortgage?
2007-07-18 15:16:34 · 8 answers · asked by Bluezosix 1 in Business & Finance ➔ Renting & Real Estate
This is one of the hardships of purchasing property and not being legally married.
You would have to refinance the home to see if one person qualifies for the loan, and if that is impossible, then you have to sell and split what is left.
If the rates are higher now than they were when you purchased your home, the lender would probably not allow one of you to credit qualify to remove the other...they would require an entire refinance.
2007-07-18 16:13:56 · answer #1 · answered by Expert8675309 7 · 0⤊ 0⤋
I have been in the business for 10 years. The only way to get your name off of the mortgage is for the other person to refinance without you on the loan. It is also bad because if you leave the relationship without doing this, and your former partner goes late or defaults on the loan, it will negatively affect your credit.
It is a little easier in a divorce situation, because your divorce decree would address what is to be done with the joint property. Generally whomever stays in the home will be granted a certain date by which they have to refinance, and the court may also dictate that the person keeping the home pay the other spouse 1/2 of the equity.
2007-07-18 22:26:15 · answer #2 · answered by bankladyt 1 · 0⤊ 0⤋
The ONLY way to remove any person from a mortgage is to refinance the mortgage without that person's name. No lender will remove from the mortgage any name which was used to qualify the mortgage in the first place.
The process is IDENTICAL to that normally used in divorces.
A caution....do NOT think that (if you are the person wishing to be removed from the mortgage) that executing a quit claim deed to the property will handle it. That is the WORST thing one can do, since the person who quit claims ownership interest loses any ownership, but remains just as responsible for the payment of the mortgage.
2007-07-18 22:24:53 · answer #3 · answered by acermill 7 · 0⤊ 1⤋
This question has come up before on this sight. All you can do is try to work out something that is agreeable to you both. However, unlike married couples you have very little legal recourse. If you too can not agree, things will get very ugly. Lesson learned do not buy property without being married. It is difficult enough to split up property when you are married; when you are unmarried you are in for a fight!!!
2007-07-18 22:24:35 · answer #4 · answered by 2Cute2B4Got 7 · 0⤊ 0⤋
Easy, all you have to do is a refinance rate and term to remove the other person from the loan and tile; by removing the person from title only you wasted your time because for public records and the bank records both persons are liable for the reapyment of the loan
2007-07-18 22:26:57 · answer #5 · answered by myloanagent 1 · 0⤊ 0⤋
One must buy the other out - there is definitely equity in the house. The best choice would be to sell the house and split the profit (if the other isn't willing , off to court you go). The other option is to refinance.
2007-07-18 22:26:34 · answer #6 · answered by Jazz 4 · 0⤊ 0⤋
it actually depends on what state you are in but regardless you want to get that person off the loan and off of title so you will need to refinance their mortgage all together.
2007-07-18 22:20:04 · answer #7 · answered by dg8499 2 · 1⤊ 1⤋
The only way to do it is to refinance.
2007-07-18 22:26:42 · answer #8 · answered by chloe 1 · 0⤊ 0⤋