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how to remove my name off mortgage loan

i purchased a home initially by myself and then later added my brother to the title. now i am trying to move and leave him the house but i do not want to be on the mortgage loan or title. what are my options for removing my self, so i can purchase another home?

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi purpleocean!

Welcome to forums!

You can quitclaim your portion of the property to your brother. Once you do that, your brother will have to refinance the property in his name. This will remove your name from the mortgage docs. But for refinancing the property, your brother needs to have a good credit. Otherwise, the lender will not be ready to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the property.

Feel free to ask if you have further queries.

Sussane

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chrisburns's picture
chrisburns | Joined: November 13, 2007 07:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The only way to remove you from mortgage is for your brother to do a refinance in his name only. As long as he can qualify for the payments and has at least a 580 credit this shouldn't be a problem.

If you try to buy another home before that happens the new lender will require you qualify with both payments.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My soon-to-be ex spouse refuses to do anything regarding refiance the house do that I can be off the loan and move on with my life. Do I have any recourse at all?? What am I to do???????

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi lindylou,

To get your name off the mortgage, you need to refinance it in your ex-spouse's name. you need to negotiate and persuade him/her to get it refinanced. I don't see any other way by which you can get rid of your loan liabilities.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

what if the mortgage is in my husbands name,but the ex-wife is living there.she hasn't refinanced,but the house is going into forclosure and she is filing bankrupcy?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi michellereszka,

If the property goes into foreclosure, your husband's credit will be badly affected. It will go down by 250 points. Moreover, the lender will also have the right to sue your husband for the deficient amount.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my exhusband and i are divorced and i am trying to remove my name of the morgage loan. is there any attorney that can help me do this.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

lucy, the most effective way to eliminate your obligation is for your former husband to refinance the existing mortgage.

did you have legal counsel in the divorce action? was there an order issued by the court to provide for your removal from the mortgage?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You can definitely call up the bank or go there particularly and apply for the same and also get a no objection from your brother too

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

guest? were you actually responding to a question that someone asked? was it the same question that appears on this post?

i'm baffled at your response.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

How can I remove my ex-wife's name from a home loan? We filed bankruptcy and it has been a year since we paid it off (it was for credit card debt only). I have a court order to remove her name but cannot get it off due to only being out of bankruptcy for one year. I have been told that I must be out for two years. What can I do?

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Hermie,

You will have to wait for at least 2 years after a bankruptcy so you can refinance in your name removing your ex from the mortgage. Is there any urgency to remove her from the loan immediately? If no, then I think you should let it be as it is for another year. In the meantime try and build your credit so at the end of the 2 years after bankruptcy, you can refinance the loan in your name at an affordable rate.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

we currently owe 10 years on our mortgage. we are divorcing. I retired last year and receive a pension. I want to keep our home. She is willing to leave her name on the mortgage because by income will be hard to qualify for a refi. As long as I make the payments can there be any negative factors on her end

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi ray,

As long as you continue making payments, there will be no negative effect on the credit of your soon-to-be-divorced wife. The lender also would not mind in whose name the loan is and who has been making the payments, if you are current on the loan and there are no late payments.

Thanks,

Jerry

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

jerry is right on in his analysis, ray.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My ex was supposed to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the home in his name only and has yet to do so, now talking about [url=http://www.mortgagefit.com/know-how/filebankruptcy.html]filing bankruptcy[/url] on everything but the home. I'm still on this loan is there anything that can be done? Can the judge make him sale the home?

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi

Are you on the title? If you are, you have right to the property. You can file a partition lawsuit in court and request for a forced sale of the property. The other option would be to refinance. But that doesn't seem to be feasible, given the fact that he's planning to file bankruptcy.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

you can definitely go back to court and seek an ordered sale.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hey guys, still on the same subject:

I have a house that I bought together with a friend of mine but the mortgage is just on my name.

We want to refinance but the house is worth less than the mortgage balance.

Can I "Quitclaim" so he can refinance for a hopefully better rate ?

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Marcoss,

Quitclaiming the property is not going to help you because even if you quitclaim you will still be responsible for the loan. Your friend will have to refinance in his name to remove your name from the loan. But as the house is now worth less than what is owed, it will be difficult for him to refinance. I think you should try to modify the loan to make your payments affordable. You can then keep making the payments under the modified repayment plan until the market value of the house goes up and your friend is able to refinance the loan in his name.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Please tell how I can get my ex-husband name off my morgage with out refinancing. :( :(

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi

A refinance is the best way to get your ex off the mortgage. The other way to remove him from the loan is through a [url=http://www.mortgagefit.com/know-how/novation-mtg.html]novation[/url] agreement. But whether or not your lender would allow a novation, depends on them. You need to discuss this option with your lender.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

to be perfectly frank about it, i cannot comprehend a situation in which a lender would agree to novation [b:e838d30072]in this current marketplace.[/b:e838d30072] dropping a borrower from a performing loan is inviting disaster in some cases, though i certainly recognize that a remaining borrower might be well-equipped to continue making the required payments.

however, with the rapidly changing job situation throughout this country, and with all the other forces that eat up people's income and force people into debt, novation would certainly seem to be a dirty word in a lot of lenders' offices. just my opinion, mind you.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If I currently own my home solely and now want my mother to take over the loan, can i just transfer it over to her, or does she need to actually purchase it from me? It is a conventional loan

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Terp,

You need not sell your house to your mother in order for her to take over the loan. She needs to do a refinance to get the loan in her name. If refinancing is not possible, she can simply keep making the payments on time, while the mortgage remains in your name. But in that situation, your credit will get hit in case your mother defaults on the loan. You can transfer the title to her through a quitclaim or a warranty deed.

Thanks,

Jerry

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gunz.ijjistaff's picture
gunz.ijjistaff | Joined: April 7, 2009 02:40 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Hermie,

Welcome to our forum.

I would like to advice you that, You must have to use quite claim deed to remove your name from property deed. This is the easiest option to remove name from deed. Listen You have to draft quite claim deed by your attorney & notarize it in country records to make it validate.

Thanks & Regards.

gunz.ijjistaff.

_____________________________________________________________
[i:d96061dafd]You can ask your queries to us anytime & we will definitely help you, Its our pleasure. [/i:d96061dafd]

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Approximately 3 years ago my now ex-fiance an i refinanced her home in both our names. I want to remove my name form the loan, she has been dragging her feet doing so for quite some time. What action can i take, can forced sale be filed for?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My fiance was in a long term relationship with hix ex-girlfriend and they purchased a house together (both names are on the mortgage and property). How can we have his name removed legally from those documents? He does not want to have anything to do with the property.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

there's only one way and that is for his old g/f to refinance the mortgage. there's such a thing as "novation" which would supposedly allow the lender to modify the loan in that fashion without the need for refinance, but my suspicion is that the current economic climate has made novation dinosaur-like.

if she qualifies to hold the loan on her own, then they need to come to that agreement so you and he can move on and be happy ever after.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am presently in chapter 13 we had a situation where we had a problem with our refinance going wrong make a long story short the mortgage company admitted there was problems with our refinance and since we have not paid morgage in just about two years the company has not forced us out and now they are offering a modification what should we do?

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i think it would be smart to have a conversation with the trustee to see what effect this has on your plan and how the court might suggest you proceed.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my husband added me on his home and i want off. i have tried but he can't refiance because of the market. i want to know how to get off

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi sadena,

If your husband added you only on the title to the home, you can sign a quit claim deed and get your name off the property. But if your name is listed on the home loan, your husband will have to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] to remove you from the mortgage. There is no other way you can remove your name because no lender would want to remove a co-borrower or a co-signer from the loan in this market. The only possible option seems to be a refinance.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

hi, i just recently got divorce and my name is on the mortgage, per my ex-husbands statement. I called the morgage company before the divorce was final and they said i wasn't in the mortgage. he wan't to file a quit claim deed but his credit score is really bad. what should i do? should i get a lawyer?

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

shaleh, i guess you didn't have counsel during the divorce...you haven't indicated who is staying in the marital home and who isn't. that makes a great deal of difference as to who signs a deed and who doesn't. if you are not a borrower but you're an owner, and you transfer your ownership interest to your ex-husband, then he'll just make payments on that loan (or not). his credit score wouldn't matter in that case. but if he's quit claiming to you, and you're not currently a borrower, then the lender is going to be looking for payment in full at once.

i think you need to divulge a bit more information. as for a lawyer, maybe you do need one.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We were divorced in 2001 and I just found out that my name is still on the mortgage and I'm still responsible if he defaults on payment. Is there any other way to remove my name from title besides refinancing? He has excellent credit and I heard about a [url=http://www.mortgagefit.com/know-how/novation-mtg.html]novation[/url] agreement...can you advise me please...thank you, Wanda

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

wanda, if the lender is open to the novation idea, then that's the only way to go at this point. with excellent credit, as you say, he might be just the right candidate to attempt that with the lender. since you're still on the mortgage, you have the right to contact your lender and discuss it. give them a call, check if it's a possibility.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

To remove one person from a mortgage the other partner will have to take over the full mortgage.

This means that the remaining partner needs to be able to prove that they have sufficient income to support the monthly payments on their own.

In the case of divorce or legal separation, Mortgage lenders are more flexible and will consider maintenance income from the leaving partner if it applies. The first thing you should do is ring the lender and ask what amount of income they would need to see to support the outstanding loan amount. You should then ask what sort of evidence they need for your income: it may be payslips (plus a letter from the courts if this applies), or just a letter from the departing person.

If your current mortgage lender will not allow the remaining person to take over the mortgage alone then the next option is a remortgage with a lender who will.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i'm pretty skeptical that lenders are going to consider "maintenance income" that has not previously been paid. a history of receipt of such payments is generally necessary for it to be considered. in 2010, it's particularly difficult for divorcing or separating spouses to assume an existing loan or obtain a refinance to pay off an existing loan.

it's absolutely worth contacting your existing lender to sound out the options, of course, but i have to say i'm pessimistic.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

how can I get my name removed from a loan my ex-husband took out to consolidate his debts

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Sue,

You can get your name removed from the mortgage only if your ex-husband refinances the loan in his name. If he cannot refinance, your name will remain on the loan and your credit will get hit if he defaults.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

ive lived with exhuband the last 10 years but the house was given to him in the divorce i never signed anything, my name is still on the mortage how does that work

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

To robin brown,

As your name is on the mortgage you are still responsible for it. You've mentioned that the house was given to your ex-husband in divorce. Was he asked to take over the responsibility of the loan and remove your name from the mortgage? If he was asked to do so, you should not be responsible for the loan. You can even take legal action against him if he has failed to follow the court order. But if there was no such court order asking him to refinance the loan to take your name off the loan, you do not have much option.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I bought a condo with my brother 5 yrs ago and he has not lived there or paid on the mortgage for over 4 years. Obviously with this market I am way upside down with my loan and I am trying to apply for the programs that are being offered to modify my loan. I am currently in an ARM and would like to get a fixed loan and even reduce my payments. However, when they look the loan they consider my income and my brothers income and combined we make way too much to be elgible. He wants to let it go but I want to keep the condo, but I do need some type of loan change. IS there anything I can do?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my name is on a mortgage with my soon to be ex and on a car loan he has them both i dont want them but i want my name off of them so i can move on with my life what can i do

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi holly,

You can sign quit claim deed forms in order to transfer the car and the house to your ex. This will help you in transferring the property. However, you ex needs to refinance the loans in his name in order to release you from the liability of paying the loan. Unless he does so, you would remain liable for the loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My soon to be ex-wife is residing in our home. I moved out per lawyer for her to take possession of property. She wants to do a Quick Claim Deed. Will this remove me from all liablity to this home. She wants 3 yrs to refinance the home.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome lexus,

The quitclaim deed will remove your name from the property but it won't remove you from the mortgage docs. Your ex will have to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the mortgage in her name in order to get yourself released of all the liability regarding the mortgage.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

how can i force someone to take my name off of a mortage loan, his name is on the title deed

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi winifred,

You can ask the person to refinance the mortgage in his/her name and get the loan transferred. However. I don't think you will be able to force him/her to take your name off the mortgage.

Thanks

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