Can I be removed from the mortgage I share with my boyfriend?

Question

I have a contract on a home and we're supposed to close in one week. My boyfriend and I are both on the mortgage loan. I tried to get the mortgage broker to switch it to just be in my boyfriend's name, without me involved. Well, he dragged his feet and today told me to do so would take another 21 days which would put us behind on closing and my bf is pressuring me to get over it so we don't have to postpone. So, My question is, if I am on this joint mortgage loan with my bf, and something bad happens between us and I want out of the relationship, what can I do. I've heard I can have my name removed from the loan so that the lender can never come after me for funds in the future? is this true? Is it expensive/complicated? Or is the only option to refinance the mortgage just in his name? What is the process for this? Thanks for any help. I feel stuck between a rock and a hard place. Want to know my options should something go wrong with us... Thanks :)

Answer 1

If you sign the mortgage note, the only way you can get out of the obligation is if he re-finances the mortgage in his name only. Once you are on a mortgage, there is no way the bank is going to release you for any reason other than he re-finances (if he is able to with his credit only) in his name.

If you feel there is any chance you and your boyfriend will not work out permanently, don't enter into a mortgage with him, no matter what the inconvenience is to you now.

I have been divorced for 13 years and even though in our divorce decree it is indicated my ex is liable for the mortgage, he filed bankruptcy and every time he defaults on the mortgage, the mortgage company sues ME as they have no recourse against him, only me. My only recourse is to sue him for possession/eviction or bail him out and bring the payments current and then in turn sue him to try to get my money back.

Last time this happened, my attorney advised me to file bankruptcy which would affect my ability to get credit and even what type of job I could get, as employers now look at your credit report before considering hiring you, for at least the next 10 years.

Answer 2

It sounds tome like there are already issues between you two, or you would not be looking to remove yourself from any financial accountability. You can have your name removed, before any paperwork is signed, but normally, the loan would then have to be reprocessed in his name only. If you were married, a court order issues in the divorce would cover it, however, in this case, it sounds like you want the house, but the freedom to leave if you dont like the circumstances. my advise is if you want a way out, dont sign the loan papers. If you sign a mortgage, you are equally responsible for the loan, reagardless of the realtionship.

Answer 3

GIRLFRIEND, GET OUT NOW!!!!!!!!!!!! I co-signed on a car for my ex boyfriend (he was my BF at the time), well when we split up he stopped paying for the car and I couldn't afford it and my credit was shot to hell for 7 yrs. At the time I signed I also thought it would be real easy to remove my name and transfer the car in his- NO CAN DO!! And that was just a car, you don't want this kind of responsibility because if anything happens your credit will be shot and it's so hard to have this on your back for 7 yrs.

Answer 4

Since he only a BF I would not and never would co sign on a home morgage. To much can happan and you could loose your good credit.

wait the 21 extra day to get your name off it. Who cares if it put u behind on the closing.

Answer 5

i just had my neighbors go through this -- your name on the mortgage means you are entitled to x amount of equity in the home. its looked at kind of like a joint investment. if you decide to leave he can buy out your part of the contract. its really a win win for you -- you get part of the money you put in the house back should you decide to leave.

Answer 6

I agree with the first poster. If you are that concerned 'DON'T SIGN THE MORTGAGE'.