| Author |
Message |
|
|
 aunttctc
Joined: 23 Dec 2007
Posts: 1
1.47 Dollars($)
|
 Posted: Sun Dec 23, 2007 10:01 am Post subject: how to get my name off mortgage when two names on title |
|
|
| my roommate and i bought a house, i didn't think i had a choice but to refinance when he lost his job, i had to other loans with my name on it would have been $800 dollars to pay separate verses $480 now when i refinanced i could only do it with my name on it because he had no income. but his name remained on the title, now i don't know why i left his name on the title. we are now in a spot where he has no income for his own bill much less to help with the house i cannot afford to pay my bill and the house and utilities, i can pay my own bills (i have cut to minumin) and utilities but cannot afford to make house payment. i know i am not responsible for his bills. the plan was when when we bought the house i would be on the mortgage until we could refinance with just his name on it. backfired when he lost his job. i myself just want out from under this house the best way without hurting my credit which is up to 754 on the scale. i have to some how get him to sign off on title i think not sure how. |
|
| |
|
 |
jenkin7
Joined: 04 Jun 2007
Posts: 939
140.80 Dollars($)
|
| Posted: Sun Dec 23, 2007 10:39 pm Post subject: |
|
|
Hello Aunttctc,
This is really a tough situation. If you are on the mortgage and if your friend is unable to refinance it in his name, then you are financially responsible for that. If you default in making the monthly mortgage payments then the lender might foreclose on your house and it will ultimately damage your credit.
If your name is on the loan, then there is little possibility to remove your name from the title. If you want to do that, then the other person on the title should be able to refinance the loan in his name or else the lender might call the entire loan due immediately.
Even if you remove your friend's name from the title, you shall still remain liable for the mortgage. Will you be able to handle that? |
|
| |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 1279
Location: New Jersey
191.71 Dollars($)
|
| Posted: Mon Dec 24, 2007 4:28 am Post subject: |
|
|
| Quote: | | i myself just want out from under this house the best way without hurting my credit which is up to 754 on the scale. i have to some how get him to sign off on title i think not sure how. |
This is a bit confusing. Do you want to move out of the title as well as the mortgage or do you want your room mate to sign off his interest in the property?
If the other person on the title is unable to refinance, then you are legally obliged to make the mortgage payments and if you stop doing that, you will ruin your credit.
Your room mate may sign a quit claim deed to take away his name from the title of the property if he is willing to. That might make you the sole owner of the property but if you are unable to make the payments then this will help you in no ways.
Why don't you try to sell off the property? I guess that could be a better option to save your credit.
_________________
Good is the Enemy of Great. |
|
| |
|
|
lisascherzer
Joined: 04 Jan 2008
Posts: 755
1.03 Dollars($)
|
| Posted: Sat Jan 05, 2008 1:31 am Post subject: |
|
|
Are you thinking of selling the property? Do you want to take over the house or have him take over the house?
_________________
Lisa Scherzer
Allpointe Mortgage
Expert Mortgage Broker
440-521-7060
Free
Mortgage Quotes
Get
Mortgage Information
Search
Real Estate Agents Here |
|
| |
|
|
