Hi,
Me and my girl friend has been together for 6 years, and recently we just bought a house together. (back in July)
We are both from Taiwan, and she just took her three weeks vacation back to Taiwan for last 3 weeks. When she got back yesterday, she suddenly told me she decide to move back...
She did not discuss with me before and she just selfishly made the decision.
I do not want go back and do not wish to sell the house now.
The problem is now she is the only one on the mortgage (since she has a better credit score so that's what we did) but we are both making payment and both of our names are on the title.
How can we transfer the mortgage name to me? is it even possible?
Please help...
Thanks
2007-12-19 03:35:18 · 7 answers · asked by bchen521 2 in Business & Finance ➔ Renting & Real Estate
Review the loan documents carefully, best to do it with a lawyer. Check to see if there is a "due on sale" clause. This would mean that the entire balance of the mortgage is due when you change title. That might not apply when one owner deeds it over to another. The lender might also allow you to assume the mortgage. You really need legal help to make sure that you follow the proper steps to minimize the transfer costs and protect your rights. When looking for a lawyer, consider consulting one who specializes in mediation. S/he could help you both reach a mutually beneficial arrangement that is both harmonious and economical.
2007-12-19 03:43:14 · answer #1 · answered by artwhiterealtor 3 · 0⤊ 0⤋
Sorry to hear that. I think you need to talk to the mortgage company who holds your mortgage to find out the best way to do this. If possible, talk to the same person you dealt with when you got your mortgage. You may have to refinance, but hopefully not. At least the house title is in both of your names, so that should give you some protection. You might need to find someone to rent to a room to help you make the payments.
2007-12-19 03:47:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Call the lender it is refreshing to find people who can and want to take care of the housing responsibility today. They will probably take into consideration that you have been helping to pay the mortgage for a period of time already so expect them to be open to your suggestions. Good luck! Sorry for the down side right before the Holidays! But, a new year gives us hope for a new beginning!
2007-12-19 05:36:32 · answer #3 · answered by helprhome 5 · 0⤊ 0⤋
If you are legally in the USA and in a good job, then let her go back if she wants to, but first have her authorise the transfer of the house title into just your name and then you need to refinance it with a new lender in just your name pay her out for her part of the mortgage payments. You will need a lawyer to help you as well.
2007-12-19 03:46:47 · answer #4 · answered by Latin Techie 7 · 0⤊ 0⤋
Just walk away and let her deal with it - she's screwing you royally, but it will be her credit problem and responsibility
2007-12-19 04:05:44 · answer #5 · answered by Anonymous · 2⤊ 0⤋
yeah go to the bank with her before she leaves and get her to put it in your name.
2007-12-19 03:44:18 · answer #6 · answered by cajunbaby 6 · 0⤊ 0⤋
BURN IT!!!
2007-12-19 03:42:21 · answer #7 · answered by Queen 3 · 0⤊ 2⤋