How To Remove A Name From A Mortgage

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Icon Mini Profile eric1
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Post Posted: Sat Jun 06, 2009 9:30 am    Post subject: How To Remove A Name From A Mortgage
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There have been many posts on this topic so it deserves to be up here as a "sticky".

Answer...
Once someone's name is on the mortgage you will not be able to get it removed. The bank approved the loan based on the income of ALL borrowers. All borrowers on the mortgage are financially responsible for making the payments regardless as to what agreement the two borrowers may have with one another.

Solution...
There are two ways to have a name removed from a mortgage...
1. Refinance the loan
2. Sell the home

If someone co-signs on the mortgage, that person has the same obligation as the primary borrower. The co-signer cannot be removed from the mortgage unless one of the two solutions above occur.

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Last edited by eric1 on Mon Oct 11, 2010 8:13 pm
Icon Mini Profile Realgeni





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Post Posted: Sat Jun 06, 2009 10:04 am    Post subject:
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God short post Eric.

Lot fo people on the forum have been askign this question.
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Post Posted: Sat Jun 06, 2009 11:12 am    Post subject:
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Thanks Eric.
Your post really help many people
Icon Mini Profile danielcorral13
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Post Posted: Sun Jun 07, 2009 1:02 am    Post subject:
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Hello Everybody Very Happy

Nice explanation of removing name from deed by Eric, More peoples seeking for this answer & it will help to them.

How much time need to refinance mortgage? & what is the process for the refinance mortgage?

Eric please, Can you answer me for my asked question.

Waiting for your reply......

Thank you so much,

Daniel Corral.
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Post Posted: Mon Jun 08, 2009 5:23 pm    Post subject:
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Daniel,

Your questions are very general and cannot be answered with one post. Please review the Helpful References on the top right portion of your page and you should find the answers you are looking for.

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Icon Mini Profile jerry
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Post Posted: Tue Jun 09, 2009 4:20 am    Post subject:
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Hi Daniel,

When you refinance you actually replace your existing mortgage with a new mortgage at new rates and terms. The time taken to refinance depends on the lender. The process, it involves, is similar to that when you apply for a new loan. The lenders check your credit report, income and other factors and offer you loan, given you meet the eligibility requirements. There is no limit to the number of times you can refinance your property. As long as there is enough equity in the property, you can refinance as many times as you want.

Thanks,

Jerry
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Post Posted: Tue Jun 09, 2009 9:20 am    Post subject: taking names off a deed
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my house is paid for. I put my son and daughter on the deed and now want to take them off. Can I take them off or do they have to sign to remove their names. Can an attorney just do the paper work and the new deed will reflect I now own the house solely.
Icon Mini Profile eric1
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Post Posted: Wed Jun 10, 2009 11:16 am    Post subject:
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You will probably need to have them sign the quit claim deed. Your attorney should be able to answer additional questions related to that topic.
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Icon Mini Profile sunil87020





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Post Posted: Sat Jun 13, 2009 10:10 am    Post subject:
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Thanks Eric really knowledgable information.
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Post Posted: Sat Jun 20, 2009 10:50 pm    Post subject:
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Eric, Thank you for sharing this information with us. Very Happy Very Happy Very Happy
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Post Posted: Thu Jul 23, 2009 9:04 am    Post subject:
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When it comes to refinancing, there is another way to do it:

loan assumption

When you request loan assumption, you can keep the same low rate and you can keep only your name on the mortgage.

Hope this helps.
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Post Posted: Sat Jul 25, 2009 9:10 pm    Post subject:
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hello, tiger, what is loan assumption and what is the procedure to do that? Can you share more details?
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Post Posted: Sat Aug 01, 2009 10:16 am    Post subject:
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JK,



[System detected duplicate content, converted into image. Thanks.]
Icon Mini Profile gmakerley
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Post Posted: Tue Aug 04, 2009 8:16 am    Post subject:
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eric, that was a timely and worthwhile primer; i don't know how i missed it to begin with. it's only been tampered with a little bit yet, but let's watch and see how muddy it finally gets.
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Icon Mini Profile eric1
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Post Posted: Thu Aug 06, 2009 4:55 pm    Post subject:
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Thanks George. I keep posting the link to this thread when the question is asked in other forums.
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