Posted on: 19th Jan, 2011 12:18 pm
I cosigned a refi mortgage to help my gf who was struggling with debt at the time (2006). Since then, she has again assumed large sums of debt and her credit rating is very poor. I want my name off the mortgage and am willing to take every conceivable route to doing so, but would prefer something that will free me of it within the year. I am willing to foreclose, file bankruptcy, whatever it takes. What would you suggest?
Hi David!
Welcome to forums!
Unless your girlfriend refinances the mortgage in her name, you won't be able to remove your name from the mortgage. However, if both of you want to get rid of the property, then you can apply for a deed in lieu of foreclosure. This will not only help you and your girlfriend to sell off the property, you won't be liable for paying off the deficient balance resulting from the property sale.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Unless your girlfriend refinances the mortgage in her name, you won't be able to remove your name from the mortgage. However, if both of you want to get rid of the property, then you can apply for a deed in lieu of foreclosure. This will not only help you and your girlfriend to sell off the property, you won't be liable for paying off the deficient balance resulting from the property sale.
Feel free to ask if you've further queries.
Sussane