Posted on: 18th Jun, 2009 05:55 am
I am currently looking to remove my name from a mortgage i have with my ex's brother. I handed the property over to him in september last year, and untill March this year things have been running smoothley. However he has failed to make the last 3 payments and now the lender is chasing me, what can i do?
hello,
your ex's. brother would have to refinance a loan in his name only in order for you to be removed from a mortgage loan.
your ex's. brother would have to refinance a loan in his name only in order for you to be removed from a mortgage loan.
Wow alot of people are in this situation, you must make every attempt to have the mortgage refinanced into his name like sunshine said
inasmuch as the ex's brother hasn't yet taken steps to refinance, it would seem rather apparent that it's not in the cards. in this case, chrislewis, it would behoove you to take the bull by the horns, as it were, and try to assist him in making those payments. after all, it's your credit that's at jeopardy (as well as his), and you remain obligated on that mortgage until such time as it is paid in full. moving out and quit claiming to him are not sufficient to eliminate your obligation.
you obviously need to sit down and have a frank discussion with him (if you haven't already), and make some sort of arrangements to bring the mortgage current, sell the home, etc.
you obviously need to sit down and have a frank discussion with him (if you haven't already), and make some sort of arrangements to bring the mortgage current, sell the home, etc.
As long as mortgage is in your name, you are answerable for loan payment. so try your best.
refinancng will be better option in this .
well, yes, it would, wouldn't it? too bad it's not likely.
yes. ask your brother for refinance in his name. actually as a safety measure, you should have done it prior to property tranfer to your brother
Your question was answered here... http://www.mortgagefit.com/problems/removename-refinance.html
