Is there a way to get your name off of a Mortgage without refinancing?

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Icon Mini Profile perksl01





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Post Posted: Mon Feb 16, 2009 6:45 pm    Post subject: Is there a way to get your name off of a Mortgage without re
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Is there a way to get your name off of a Mortgage without refinancing?...I got a divorce about two years ago and I gave my ex husband the house. I haven't made any payments on the house in two and a half years. Is there anyway that I can get off the mortgage without him refinancing? His credit is in the low 500's. Also, I am remarried and we have good credit scores together and would like to buy a house. I also live in Indiana. I don't know if that makes a difference. Any advice you have would be great! Thanks
Icon Mini Profile smithsussane
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Post Posted: Mon Feb 16, 2009 10:23 pm    Post subject:
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Hi perksl!

Welcome to forums!

In order to remove your name from the mortgage, your ex-husband will have to refinance the mortgage. There is another process called novation through which the mortgage can be transferred in your husband's name but lenders prefer refinance over novation.

Feel free to ask if you have further queries.

Sussane
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Post Posted: Tue Feb 17, 2009 7:26 am    Post subject:
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Thanks Sussane! Your answer was what I was looking for. However I don't know much about novation. What exactly is it and what do I need to do to do about it?
Thanks Again!
Icon Mini Profile gmakerley
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Post Posted: Tue Feb 17, 2009 11:16 am    Post subject:
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stepanie, if you should seek novation from the lender, i would surmise it won't be successful. if your ex-husband's credit is that poor, they wouldn't have any desire to eliminate your obligation.

what i cannot understand is how people always seem to know their ex-husband's or ex-wife's or ex-boyfriend's or ex-girlfriend's credit score. i know if i was an "ex" i wouldn't divulge my credit standing to a former spouse or love interest.

how do these things happen? can someone explain it to me?

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Post Posted: Sun May 31, 2009 9:25 pm    Post subject: want to get my name off house
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My name is stil on the house with my ex fiancee, her credit is very good....and im married trying to get another house....I am the co-borrower on the house and she wants me to do a quick deed? I refused to do that because I could still be liable if she decides to stop paying.......what can i do to get my name off this ungodly house????????? HELP
Icon Mini Profile savior70





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Post Posted: Mon Jun 01, 2009 6:42 am    Post subject:
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Hi

You'll be liable for the loan even after signing the quitclaim deed, if your name is on the loan. So, the important point here is to get your name off the loan. In order to do that, you need to get the house refinanced in your ex's name. If her credit and income are good, you can request your lender to remove your name from the mortgage through a novation agreement. If she qualifies on her own, the lender may agree to do a novation.
Icon Mini Profile gmakerley
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Post Posted: Mon Jun 01, 2009 6:43 am    Post subject:
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you need to negotiate with her regarding this quit claim deed. if you have legal representation, you can make the quit claim part of the bargain, the remainder being that she'd be required to refinance within a certain timeframe. in fact, you can coordinate in such a way that the quit claim deed could be delivered at the same time as her refinance takes place. in that fashion, you could be assured of being released from liability on the old mortgage, and she'd have what she desires, as well.
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Post Posted: Wed Aug 26, 2009 12:57 pm    Post subject: My son is also trying to get his name off a morgage...
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My son is also trying to get his name off a morgage and he has no idea how to start, thanks for all the info.
Icon Mini Profile eric1
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Post Posted: Thu Aug 27, 2009 5:06 pm    Post subject:
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Your question was answered here...

http://www.mortgagefit.com/problems/removename-refinance.html

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Post Posted: Tue Dec 22, 2009 12:07 pm    Post subject: How do i get
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How do i get ex girlfriends name off of house we bought together? She is refusing to quitdeed it to me and the loan is in both of our name, but i want her off of everything?
Icon Mini Profile gmakerley
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Post Posted: Tue Dec 22, 2009 1:59 pm    Post subject:
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crazy rd15 without question you should sit down with an attorney at once to discuss your rights, responsibilities and what can be done to accomplish what you seek. this is not going to be easy, i'm sure; but i hope you can work it out. honestly, your best bet is to negotiate as well as possible to get her to agree to settle for less.
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Post Posted: Sat Jul 03, 2010 8:39 pm    Post subject:
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My ex and I bought a house when the housing market was at its peak and now the home is not worth what we paid for it. Once we split I moved out if the house and began renting. We put the house on the market to sell. I continued to pay half of the mortgage for 9 months and then it became financially too straining so we decided to let the loan default so he could apply for a loan modification to be able to pay for the house by himself. The bank modified the loan based on only his income and I had to sign a quitclaim deed in order for them to consider his request for a loan modification so he wouldn't loose the house. It is now over a year later and he applied to assume the loan to take my name off of the loan and was denied. I am trying to buy a home and can't get one because of my name on the loan for the house we had together. So now as long as he has the house I am unable to buy a house. I have tried submitting paperwork to show that I do not make any payments toward that mortgage but still get denied for a home loan of my own. My question is how is the bank holding me accountable for the loan as it has been modified from the original agreement and I did not sign anything agreeing to those terms? It would have been better for me if the house has just been foreclosed on then at least there would be a light at the end of the tunnel for me to be able to purchase a home in about 3 years but the way it stands as long as he has the house I can't.
Icon Mini Profile jameshogg
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Post Posted: Tue Jul 06, 2010 1:47 am    Post subject:
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Hi dawn,

Your query has been replied to in the given page:
http://www.mortgagefit.com/know-how/about40483.html

Take a look at it. Hope it helps you.

Thanks
Marina

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Post Posted: Thu Sep 02, 2010 5:34 pm    Post subject: Simliar situation...help!
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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?
Icon Mini Profile jameshogg
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Post Posted: Thu Sep 02, 2010 10:40 pm    Post subject:
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Hi Marina,

Your query has been replied to in the given page:
http://www.mortgagefit.com/problems/buynewhome-loan.html

Take a look at it. Hope it helps you.

Thanks
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