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psisto · Joined: 21 Mar 2008 Posts: 1 1.39 Dollars($)

I bought a house with a friend three years ago when we were both single. I met a man, wanted to get married and start a new life so she had me sign a Quit Claim Deed, but she left my name on the mortgage so even though I am not living there of paying the mortgage it looks like I am. I called the mortgage company to get my name off the mortgage and they said the she would have to call and refinance to get my name off. So far she has not done that and it has been 3 years. What can I do to get her to take my name off the mortage.

gmakerley · Posted: Fri Mar 21, 2008 8:44 am Post subject:

you cannot take your name off the mortgage. quit-claiming your interest in the property only goes so far. as the bank noted, the only way for your mortgage responsibility to be eliminated is by your friend refinancing.

you will be well-advised to stay on top of the payment situation, to ensure that she continues to make timely payments. one thing that most mortgage lenders do that is in your favor is as follows: if you go seeking a new mortgage of your own, they will eliminate that other mortgage from consideration if you can demonstrate that payments have been timely, and that your friend has been making those payments for at least the past 12 months. one thing you cannot afford to do is to cross off that old friendship. keep in touch with her so that you can stave off any potential harm.

but generally, you will not be penalized if your friend continues to make payments and no delinquencies appear.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi psisto,

Welcome to the forum.

I agree with George here. I think you can request your friend to refinance the mortgage on her name only as you have quitclaimed your share of the property to her, though if she cannot refinance, then you cannot do much to her as you have already quitclaimed.

As long as she is making payments on time you should not have much of a problem.

Best of luck,
Larry

Jeanette · Posted: Sun Mar 23, 2008 1:24 pm Post subject:

Dear Psisto,

Shocked

I can only agree with the others that for you to get your name off the loan your friend must refinance the house in her name. She probably have not done so because she will pay more monthly mortgage payments with a higher rate. Since your name is on the loan try to encourage her to make payments on time to positively impact both credit.

After 12 consecutive on time payments she can try to get the refinance.

Best of luck,

Jeanette Smith
Mortgage Planner
Union Mortgage Group

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I signed a Quit Claim Deed on a house I bought with someone, but my name is still on the Mortage.