How to get off mortgage

Guest 0.10 Dollars($)

Hello
I currently still own a house with my ex boyfriend and have been having a problem getting out of the situation. It has been almost 2 years, and he is unable to refinance for multiple reasons and I believe if I tried to force sale we would have to take a huge cut financially on it. Is there any other options? He still lives in the house and I have moved out of state. I have no idea what to do and it is driving me insane!! Any advice is appreciated. Thanks.
ml

Jessica · Posted: Sun May 21, 2006 8:51 pm Post subject: RE: Unable to Refinance

Hi Ml,

I can understand you situation very well. No use worrying now, something needs to be done to get out of this situation. So keep your cool and let's see how I can help you.

You say that your ex boyfriend is unable to refinance, and you are out of state. Then aren't any of you paying for the existing mortgage? If not, then you may be in trouble, since you too have the liability of the mortgage, as it seems to me from what you are saying.

I shall suggest that you consult your lender and explain the whole situation and also try to convince your boyfriend to refinance the loan. If he doesn't then there are two options. Either you pay it off and if it's that difficult for you to bear the payments, then I guess you need to talk to a mortgage attorney as soon as possible.

Taking a legal action requires lots of cash, hence what I feel is just talk to your boyfriend once again and this time if he's not willing to help you, then just take the help of the attorney, as it's all about getting back your home.

Regards,

Jessica.

Guest 0.10 Dollars($)

Hi Jessica
Thanks for the quick response. My ex actually still lives in the house and wants to keep it. He has been making the payments by himself for the last two years. He tried to refinance, but due to his credit was unable to. If we tried to sell it we would take a huge loss. I have not lived in it for about 2 years and have sinced moved out of state. I don't want the house back, I just want to be off the mortgage. I would like for him to be able to keep it. I have talked to the mortgage company, and they said my only option was for him to try to refinance it. I just thought maybe there was another way. I appreciate your help.
Thanks.
ml

Jessica · Posted: Sun May 21, 2006 9:15 pm Post subject: RE:

Hi Ml,

Have you asked the mortgage company if they would allow for a novation other than a refinance? I mean, if your lender agrees, then you can at least transfer the liability of paying the loan to your boyfriend through novation.

Have your mortgage company told you anything about novation? If not, just have talk to the company regarding this and find out what they have to say.

Regards,

Jessica.

Guest 0.10 Dollars($)

Hi Jessica, I am trying to get my mortgage into an LLC and I really don't have money to hire a lawyer. I guess I have to quick claim it into the LLC, which I can do over the internet, maybe. Also can I transfer the actual mortgage payments over and if I don't what is my liability if something happens with the property?

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.15 Dollars($)

Welcome Kelly.

If you want to transfer the property to LLC then you will have to inform the mortgage company and take their permission. The mortgage may need to be refinanced on the name of LLC too. Otherwise the mortgage company will not give you permission to quitclaim to LLC.

cliff · Posted: Wed Aug 06, 2008 7:33 am Post subject:

Welcome Kelly,

Niicss is right every mortgage/loan has covenants that prevent you from deeding your property to someone else and/or legal entity. If you deed the property to an LLC the and the mortgage company finds out they will call your loan. In other words they will ask you to pay them the amount due within one month or they will take the property from you.

The only way to get a mortgage into an LLC is if the LLC has good business credit where it could legally purchase the house from you.

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