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 15:33:46 · 4 answers · asked by RBluved 1 in Business & Finance ➔ Renting & Real Estate
and Wat if we cant afford the house any more TILL refinancing??
2007-09-10 15:34:34 · update #1
You will not be able to get your name off the mortgage without refinance. I have never seen it done.
2007-09-10 15:39:54 · answer #1 · answered by DallasLoanGuy 2 · 2⤊ 0⤋
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.
2007-09-10 15:45:04 · answer #2 · answered by loancareer 3 · 1⤊ 0⤋
I was in a similar situation (except my mother was paying the loan but I was on her loan as a co-signer) and she sold her home and paid off the refinance mortgage and I was off the hook. It was just too stressful every month and if she wasn't my mother, I wouldn't have done it in the first place.
2007-09-18 05:43:54 · answer #3 · answered by L M 5 · 0⤊ 0⤋
You, or he, can't take your name off the mortgage unless the lender agrees - and that generally won't happen without refinancing.
2007-09-10 15:44:31 · answer #4 · answered by Judy 7 · 1⤊ 0⤋