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2-Party Mortgage:How can 1 party be released from mortgage?

Posted on: 17th Jun, 2007 10:24 am
My current mortgage is in two names and own a home in Washington State.. The other party, Lisa, wants to be released from the mortgage, deed, etc. since she is moving to the east coast. How can this be accomplished?
hi klezma,

welcome to forums.

first of all, if lisa wants to take her name off the deed, you can ask her to sign on a quitclaim deed and pass on her share of property-interest to you. and, in order to get her name out of the loan, both of you will have to talk to the lender and find out if he allows you to do so.

the lender may allow you for a novation, if he finds that you are creditworthy enough to manage the loan yourself. otherwise, he can suggest that you refinance the loan in your name and sign on the deed at the time of settlement such that you get the ownership rights on the property.

thanks.
Posted on: 18th Jun, 2007 12:11 am
Thanks so very much for your speedy reply. I will contact the lender today as you suggested. My credit is excellent, but Lisa's is not. Will doing this damage Lisa's credit further? Thanks again.
Posted on: 18th Jun, 2007 08:28 am
Hi Klezma,

As your credit is better than Lisa's it will be easier for you to qualify for refinance, though I need more information to tell you if you would be able to qualify for the refinance or not.

Refinancing the loan in your name will not damage her credit. Credit gets damaged only when you are not making timely payments on your debts or not paying them at all.

Contact your mortgage company & tell them that you want to get the house in your name and mortgage be refinanced in your sole name. They will check your profile and tell you whether it would be possible or not. If everything is alright then they will give the go ahead.

Miller
Posted on: 18th Jun, 2007 11:56 am
"Thanks so very much for your speedy reply. I will contact the lender today as you suggested. My credit is excellent, but Lisa's is not. Will doing this damage Lisa's credit further? Thanks again."
Property transfer as well as refinance will not affect her credit.

Possibility of damage to credit arises only when someone stops paying his/her debts.

But in your situation she will be relieved of her responsibility of making the mortgage payments.

Sherrell
Posted on: 18th Jun, 2007 05:04 pm
the co-owner on the mortgage refuses to make any more payments toward the mortgage. she abandoned the premises in early january 07. do i have any rights? i requested she agree to a quit claim deed, but she will not agree.
Posted on: 27th Jun, 2007 03:04 pm
Klezma,

If the co-owner is not making the payments you will have to continue the payments or else your credit score will go down along with co-borrower's.

Has she provided any reason for not signing the quit claim deed. As from what I have read in your above posts you are willing to refinance the mortgage in your name after getting full ownership of the house. Is she aware of it?

It might be that you haven't told her about it and she is thinking that even after quit claiming the house she will remain on the mortgage with the responsibility of paying it.
Posted on: 27th Jun, 2007 03:18 pm
Since I am currently unemployed, I am not able to refinance with no income verification since this is a manufactured home. If it were stick built, there would be no problem. Is there anything at all I an do? Lisa is now in New Jersey, and I have no forwarding address. I have an insurance check for damages that is in both my name and Lisa's name. I mailed it to her for signature, but she sent it back to me unsigned. I hired a lawyer, but he has done nothing. He wanted to draw up an agreement before she moved out of state, but the agreement would only be to her benefit since I would still be responsible for paying the mortgage, etc.
Posted on: 28th Jun, 2007 07:23 pm
Hi Klezma,

Firstly, as you are unemployed go and look for at least a part time job so that you can make the minimum loan payment. Talk to some lenders about other cheaper loan plans suiting your financial condition. Now, as Lisa is not responding, go and have a talk with the insurance company so that they can contact Lisa at their efforts for her signature. By the way, have you asked the lender about the novation?
Posted on: 28th Jun, 2007 09:42 pm
This sounding more like a legal issue then one a lender could assist you with...

You have posted very little in the way of LTV, market value of house, current mortgage, occupancy, FICO score, etc. that would allow me or others to determine if there is a short term financing solution that might offer you some relief.

There are a few NO DOC (requiring no verification of income/employment/assets) programs available to homeowners---like this one for example:

Documentation: No Income / No Assets, No Documentation
Main Credit Score: 700
Credit History: Very Good
Debt to Income: 45%
Trade Lines: 4
Occupancy: Owner Occupied
Loan Amount: $10,000 - $650,000
Lien Position: 1st Mortgage
Cash Out Amount: $0
Loan Purpose: Purchase, Rate and Term Refinance
Property Types: SFR, Condo, PUD, Duplex, Attached SFR/PUD, Non-Warrantable Condo, High Rise Condo
Rate Types: Straight Fixed, Hybrid
Amortization: 15 Years, 20 Years, 30 Years
States Available: AL, AZ, AR, CA, CO, CT, DC, DE, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY
Special Features:
1. First Time Home Buyer Allowed
2. Borrower Owns Over 10 Properties
3. No Reserves Required, Gift Funds Allowed
4. No Seasoning Required on Funds to Close
5. Interest Only Payments Available
6. Less than 12 Months Seasoning Refi, (using purchase price)
7. No Source of Funds Required
8. 40 Year Amortization Is Available

Hope this helps.

Regards,

Scott Miller
Posted on: 29th Jun, 2007 12:25 am
Hi Klezma,

No doc loans are in fact meant for borrowers who are unemployed at the time of taking loan. Since there is a risk involved here, therefore a borrower may have to make a large amount of down payment and he'll probably be charged with a higher rate of interest. Borrowers seeking such a loan will get an amount worth 70-75% of the appraised value. But there are lenders who will allow for 90% LTV also.

Prior to offering the no doc loan, the lenders review the credit worthiness of a borrower. In general, borrowers are expected to have at least a decent payment history for the past 2 years. Lenders may also expect the borrowers to have sufficient savings.

Hope this helps...

God bless you.

Samantha
Posted on: 29th Jun, 2007 01:29 am
My FICO is 778; however, I have used my most of my savings since Lisa abandoned the property. The home was appraised in the mid 180's. It is a 1782 s.f. manufactured home with 3.7 acres.
Posted on: 29th Jun, 2007 03:08 am
Hi Klezma,

I can make out what you're going through. But please do not lose hope. Let's keep our fingers crossed and hope that better times will come.

Considering the savings, I can understand that you don't have much as you've used it up on your property as the other one left. But have you shopped around with some lenders? That's important because it will give you an idea on how you have to pay. You can also try out with our community lenders.

Our community lenders offer laons on a diffrent types of properteis to borrowers with varid invome levels. So, if you feel interested, you can send us your request for Free mortgage quotes with the minimum details. We shall forward your request to our community lenders and they shall contact you if they can match their profiles with your loan requirements.

The key is to shop around; only then you will be able to know which loan is right for you.

Good luck and stay well :)
Posted on: 29th Jun, 2007 05:01 am
hello i am trying to figure out what part of the the end of year taxes to claim i was a co borrower of a home i left there in sept but i am eliable for part of the interest since i was there 9 months in 2007 am i taking half of what the interest's says since there are two different morgage's taken out one at a higher rate and one at a lower rate
Posted on: 28th Jan, 2008 03:10 pm
Hi jennifer,

I have answered your query at http://www.mortgagefit.com/know-how/about10010.html

You can check it out.

Thanks.
Posted on: 28th Jan, 2008 03:42 pm
were about to refinance our house but we have to party morgage involved, 1 party wants to take a cash out is it pair enough or what should i do.
Posted on: 27th Dec, 2008 06:44 am
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