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removing name from morgage

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chaneybonnie Joined: 01 Jul 2011 Posts: 1 1.30 Dollars($)	Posted: Fri Jul 01, 2011 1:57 am    Post subject: removing name from morgage Like 0 Dislike 0 i own a piece of property in florida with a person. she pays all the payments etc. i only helped with the down payment and getting financing because her credit score was not sufficient for the loan. i no longer wish to be on the morgage and want my name off . is bankrupcy my only real option?
sara Moderator Joined: 05 Jul 2006 Posts: 2699 Location: New Brunswick, New Jersey 497.27 Dollars($)	Posted: Fri Jul 01, 2011 2:12 am    Post subject: Like 0 Dislike 0 Hi chaneybonnie, You don't have to file bankruptcy in order to remove your name from the mortgage. Rather, you should ask the primary borrower to refinance the mortgage in her name. Once she does so, she will become responsible for the mortgage. You won't be liable for paying the loan. Take care
adaboy00 Joined: 07 Jul 2011 Posts: 4 Location: Grand Rapids, MI 1.59 Dollars($)	Posted: Thu Jul 07, 2011 10:11 am    Post subject: Like 0 Dislike 0 Hi Chaneybonnie, The lender might be willing to do a credit review and appraisal of the property (there is a fee for this). If the party meets the guidelines (se/dti) and the loan to value (ltv) meets the guidelines, they MIGHT do it.

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