Posted on: 02nd Sep, 2010 05:37 pm
a few years my fiance helped his parents out by adding his name to their mortgage. his dad was having money troubles so its in his name and his mothers. they now owe way more money on the house than the house is worth.
and we want his name off so we can buy our own house. i can't seem to find anything good about this situation.
they won't be able to refinance to get his name off, they wouldn't get approved. if they short sale it or forclose on it, my finace's credit drops dramatically and we wont be able to get a loan for a house for a few years. are there any other options out there? or are we just totally screwed!
it's a 2 family home, if he kept his name on it and rented the upstairs and had rental income, could this help, or would our debt to income rate not be good enough for us to get a decent loan?
and we want his name off so we can buy our own house. i can't seem to find anything good about this situation.
they won't be able to refinance to get his name off, they wouldn't get approved. if they short sale it or forclose on it, my finace's credit drops dramatically and we wont be able to get a loan for a house for a few years. are there any other options out there? or are we just totally screwed!
it's a 2 family home, if he kept his name on it and rented the upstairs and had rental income, could this help, or would our debt to income rate not be good enough for us to get a decent loan?
hi guest,
unless your fiancé's father refinances the loan in his name, it won't be possible for your fiancé to remove his name from the loan. your fiancé's father can apply for a novation with the lender which is another way of transferring the mortgage. however, it would be the lender's discretion whether or not he would accept a request for novation.
if your fiancé's name is removed from the loan, his dti ratio would improve and then he would be able to qualify for a loan.
thanks
unless your fiancé's father refinances the loan in his name, it won't be possible for your fiancé to remove his name from the loan. your fiancé's father can apply for a novation with the lender which is another way of transferring the mortgage. however, it would be the lender's discretion whether or not he would accept a request for novation.
if your fiancé's name is removed from the loan, his dti ratio would improve and then he would be able to qualify for a loan.
thanks
I own a house with my husband but have not worked for the last 12 years because I have been taking care of our two autistic children. During this time I have not contributed to the mortgage payments. My husband has not worked for a couple of years, has not paid the mortgage for several months and we owe more than the property is worth. I am filing for divorce and want my name off the mortgage so my two children will be eligible for SSDI. How can I have my name removed?
Hi karyn,
Your husband will have to refinance the mortgage in his name in order to remove your name from the mortgage docs. However, as the property is underwater and as you and your husband haven't paid the mortgage dues for several months, it won't be possible for your husband to qualify for a refinance.
Thanks
Your husband will have to refinance the mortgage in his name in order to remove your name from the mortgage docs. However, as the property is underwater and as you and your husband haven't paid the mortgage dues for several months, it won't be possible for your husband to qualify for a refinance.
Thanks
IF he can try to apply for a loan modification he may qualify for a FHA REFINANCE under HAMP. It is worth a shot! Also, certain lenders will look at taking you off the mortgage if you can show proof of divorce papers etc.... This would happen during the loan modification process, however, this very lender specific. Make sure you ask your lender or a professional (ie: Foreclosure Attorney).
Good Luck !
Good Luck !