im currently living wit a brother and brought a house, it has been 10 month since november we live here and he is the first owner to this house, im the 2nd owner wit no credit but a steady job. me n my bf been payin fo this house but my brother havent put a dime in this house but he say he willing to keep this house to himself, which we willing to give it to him aslong as my name is off mortgage, we cant wait till refinancing to get my name off, we dont want any money back or any share of this property, he can take it all but aslong is, im taking off my name off mortgage. recently, he refuse to accept it because he still want me n my bf to pay it off while he not putting nuttin n he want this house to himself, we even call mortgage lender, she also say even if im a cobuyer(2nd owner) i dont have enought credit to refiance to get off mortgage only my brother can, but he wont agree to let us go even when he say he want this house. is there anyway out instead of being trap?
2007-09-10 13:01:07 · 7 answers · asked by RBluved 1 in Business & Finance ➔ Renting & Real Estate
And Wat if we cant afford the house TILL refinancing??
2007-09-10 15:26:10 · update #1
Actually, your brother has no say in it. The only one who can release you from the mortgage is the lender. They have you both on there, and it is part of their security of the property that if the loan isn't paid they can come after all of you, especially since you have a job with a steady income.
So talk to the lender, but really, you have almost no chance to do this
Sorry
2007-09-10 13:16:54 · answer #1 · answered by rlloydevans 4 · 2⤊ 1⤋
Unfortunately there is no way to get your name off of the mortgage without refinancing. Why would you want to anyway? You mentioned that you had no credit but if the loan has been being paid on-time you probably have a fair credit rating by now. If you want to get away from the property and cut all ties, not only do you have to get your brother to refinance without you. You have to get the title company to draw up a "Quit Claim Deed" as well. I assume you want off of the title correct? If you want to get away from the house that badly and your brother won't cooperate you need to get yourself a good real estate lawyer. Your situation sounds like it's going to get very messy.
2016-04-04 01:01:55 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The ONLY way that your name can come off of the mortgage is if the other party refinances and you deed your share over to him.
If the other owner refuses to do this you might be able to file a suit for partition to force a sale and division of any equity. The other owner could then buy it out of the partition sale.
There is NO other way. Sorry.
2007-09-10 13:18:09 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋
If you are merely named in the mortgage and not listed on the promissory note (the part of the mortgage where the borrower promises to repay the loan), you are free and will not suffer at all if the house goes into foreclosure.
If you are named in the promissory note you will have to sue your brother to force him to refinance or sell.
2007-09-10 14:26:26 · answer #4 · answered by linkus86 7 · 0⤊ 0⤋
The bank won't let you off the loan if someone else isn't taking your place-who will pay for the loan?
Buy your next house contingent on the refinance of the first one! Then no loss if anything fails. Good luck-Get the Realto to help!
2007-09-17 10:26:00 · answer #5 · answered by helprhome 5 · 0⤊ 0⤋
Only the lender can do this and typically most mortgage companies do not allow for reassignment. You may have to refi. Sorry.
2007-09-10 15:12:20 · answer #6 · answered by lola3320 2 · 0⤊ 0⤋
Getting your name off the deed/title is easy. The mortgage is something else. The mortgage company may let you off, but they really have no incentive to do so. Try calling them. It won't hurt anything to ask.
2007-09-10 13:11:33 · answer #7 · answered by Shev 3 · 1⤊ 1⤋