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dalic11

Joined: 11 Sep 2008
Posts: 1
1.32 Dollars($)
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Posted: Thu Sep 11, 2008 1:45 pm Post subject: How can I get my name off a mortgage that is with a friend? |
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| A friend and I have a mortgage together and she is not paying for it even though I haven't llived there in about 8 years. I an on;y the co-signer. If she let's it go into foreclosure will this affect my credit? |
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sweeney
 Community Experts

Joined: 20 Jul 2008
Posts: 131
25.11 Dollars($)
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Posted: Thu Sep 11, 2008 6:28 pm Post subject: |
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Hello- Yes, I'm sorry to say it will. To get your name off, she needs to refinance it into her name only, or sell the place and pay off the note. Good luck. _________________ Mike Sweeney
LionSaves.com - refinance debt
views expressed on this forum are my opinion as a mortgage professional, not legal advice |
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gmakerley
 Community Mentor

Joined: 09 Nov 2007
Posts: 9808 Location: bloomfield, ct
45.23 Dollars($)
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Posted: Fri Sep 12, 2008 8:50 am Post subject: |
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and, of course, i concur. once you sign a promissory note, you're obligated until that note is paid in full. _________________ George M. Akerley
Loan Consultant
860-221-5044 |
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vegas_storms

Joined: 12 Sep 2008
Posts: 67
3.54 Dollars($)
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Posted: Fri Sep 12, 2008 4:50 pm Post subject: |
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Your credit is already being affected if you are the co-signer and she hasn't been paying the mortgage. Foreclosure will simple affect your credit even more. _________________ Top 100 Mortgage website www.mortgagebreakdown.com
Information given is an opinion, for true legal advice please consult an attorney. |
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lisascherzer

Joined: 04 Jan 2008
Posts: 755
1.11 Dollars($)
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Posted: Tue Sep 16, 2008 12:52 am Post subject: |
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See if your friend will refinance the property to remove you from the current mortgage. This is the only way other than selling the home or paying it off in full. Rates are low right now and since she has been paying the mortgage for 8 years I would think she could qualify on her own and probably get a lower interest rate and payment out of it. Rates recently dropped into the 5's on a 30 year mortgage. _________________ Lisa Scherzer
Allpointe Mortgage
Expert Mortgage Broker
440-521-7060
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