i am separated and i have been paying my mortage payments alone. i want to take my husband's name off the mortgage so he does not get the credit for something he is not doing.
2007-12-03 04:56:13 · 8 answers · asked by VANESSA H 1 in Business & Finance ➔ Renting & Real Estate
I assume you both applied for the loan? The only way you can "get him off" is to apply for a new loan in your name and based upon your credit only.
2007-12-03 05:00:42 · answer #1 · answered by jwishz 7 · 1⤊ 0⤋
Hello,
Congratulations on your independence.
Not to assume anything, but are you legally separated or divorce.
If not, keep all your receipts and records, set up new accounts for all your finances. If you have accounts together with a balance on it, freeze it, reduce credit limit to the balance. Confirm they will not advance any credit in writing.
Once legally separated or divorce you can sell, go your separate ways, or refinance to buy him out.
If you choose to buy him out, have the house appraised. ( use an appraisal company from a list that a major bank would use, there more conservative). Remember, this value will determine the proceeds to be split. Plus you want his share to payout at least half off the original balance on the joint accounts you shared. ( you have the receipts to prove it.)
If kids are involved and in school, make sure you have full custody with visiting, as long as the kids are not in danger, or you could end up paying alimony.
Be sure to use different lawyers, one for the separation agreement and the other for the property.
If you live in Canada, and need assistance in refinancing your mortgage, I can be reached at 416-887-2100
All the best.
2007-12-03 06:16:06 · answer #2 · answered by CEE BEE 1 · 0⤊ 0⤋
You will need to refinance the mortgage and qualify on your own financial stats.
As to your deed, make sure he signs the property over to you. Otherwise, he would still be an owner, even though you would be the one on the mortgage.
2007-12-03 05:21:42 · answer #3 · answered by Matt K 4 · 1⤊ 0⤋
You will have to refinance (and qualify) on your own. You can take him off title with a quit claim deed, but will need to refinance to get him off the actual mortgage note.
2007-12-03 05:02:05 · answer #4 · answered by Quicken Loans 5 · 1⤊ 0⤋
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2016-11-13 09:22:02 · answer #5 · answered by ? 4 · 0⤊ 0⤋
You cannot do that unless you refinance the whole amount due. Lenders will not remove responsible parties as you seek.
2007-12-03 05:46:49 · answer #6 · answered by acermill 7 · 0⤊ 0⤋
I believe that you have to refinance. Is your husband willing to have his name removed from the loan?
2007-12-03 04:59:55 · answer #7 · answered by sahel578 5 · 0⤊ 0⤋
these are all great answers!
Reading them through, I noticed how everyone assumed the other person you own your house with is your husband or even a "he" for that matter.
funny how we assume:)
2007-12-03 05:58:10 · answer #8 · answered by looker 1 · 0⤊ 0⤋