Posted: Sat Jun 06, 2009 9:30 am Post subject: How To Remove A Name From A Mortgage
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
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
maggie Guest
Posted: Tue Jun 09, 2009 9:20 am Post subject: taking names off a deed
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.
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. _________________ George M. Akerley
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