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How To Remove A Name From A Mortgage

There have been many posts on this topic so it deserves to be up here as a "sticky".

[u:5a5dc57a70][b:5a5dc57a70]Answer...[/b:5a5dc57a70][/u:5a5dc57a70]
Once someone's name is on the [url=http://www.dreamhomefinancing.com]mortgage[/url] you will not be able to get it removed. The bank approved the loan based on the income of ALL borrowers. All borrowers on the mortgage are financially responsible for making the payments regardless as to what agreement the two borrowers may have with one another.

[u:5a5dc57a70][b:5a5dc57a70]Solution...[/b:5a5dc57a70][/u:5a5dc57a70]
There are two ways to have a name removed from a mortgage...
1. [url=http://www.mortgagefit.com/refinance.html]Refinance[/url] the loan
2. Sell the home

If someone co-signs on the mortgage, that person has the same obligation as the primary borrower. The co-signer cannot be removed from the mortgage unless one of the two solutions above occur.

Realgeni's picture
Realgeni | Joined: April 13, 2009 08:03 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

God short post Eric.

Lot fo people on the forum have been askign this question.

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sunil87020's picture
sunil87020 | Joined: May 4, 2009 09:20 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks Eric.
Your post really help many people

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daniel.corral13's picture
daniel.corral13 | Joined: April 20, 2009 10:29 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Everybody :D

Nice explanation of removing name from deed by Eric, More peoples seeking for this answer & it will help to them.

How much time need to refinance mortgage? & what is the process for the refinance mortgage?

Eric please, Can you answer me for my asked question.

Waiting for your reply......

Thank you so much,

Daniel Corral.

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Daniel,

Your questions are very general and cannot be answered with one post. Please review the Helpful References on the top right portion of your page and you should find the answers you are looking for.

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

Hi Daniel,

When you refinance you actually replace your existing mortgage with a new mortgage at new rates and terms. The time taken to refinance depends on the lender. The process, it involves, is similar to that when you apply for a new loan. The lenders check your credit report, income and other factors and offer you loan, given you meet the eligibility requirements. There is no limit to the number of times you can refinance your property. As long as there is enough equity in the property, you can refinance as many times as you want.

Thanks,

Jerry

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

my house is paid for. I put my son and daughter on the deed and now want to take them off. Can I take them off or do they have to sign to remove their names. Can an attorney just do the paper work and the new deed will reflect I now own the house solely.

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You will probably need to have them sign the [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url]. Your attorney should be able to answer additional questions related to that topic.

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sunil87020's picture
sunil87020 | Joined: May 4, 2009 09:20 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks Eric really knowledgable information.

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

Eric, Thank you for sharing this information with us. :D :D :D

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tigerfamous's picture
tigerfamous | Joined: July 11, 2009 11:02 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

When it comes to refinancing, there is another way to do it:

loan assumption

When you request loan assumption, you can keep the same low rate and you can keep only your name on the mortgage.

Hope this helps.

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jk.9999's picture
jk.9999 | Joined: July 15, 2009 09:19 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

hello, tiger, what is loan assumption and what is the procedure to do that? Can you share more details?

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william.dona.2001's picture
william.dona.2001 | Joined: July 31, 2009 10:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

JK,

[size=9:f1fcda6241][color=Red:f1fcda6241][System detected duplicate content, converted into image. Thanks.][/color:f1fcda6241][/size:f1fcda6241]

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

eric, that was a timely and worthwhile primer; i don't know how i missed it to begin with. it's only been tampered with a little bit yet, but let's watch and see how muddy it finally gets.

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks George. I keep posting the link to this thread when the question is asked in other forums.

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

I bought rdp house from t kabini and what is left to transfer my name to the deed.the house ispaid up.what must i do to change names.

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

Hi bafana,

You will have to ask the present owner of the property to transfer the property to you with the help of a warranty deed. Once the owner does so, notarize and record the deed at the county recorder's office.

Thanks

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tall28qt's picture
tall28qt | Joined: August 29, 2009 05:22 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

My mother and father had their name on the mortgage to my home that I was paying on. My dad died, I inherited half of the house along with half of the mortgage. They did NOT do a credit check on me. I was simply added and he was simply deleted with proof of a death certificate. The loan did not change at all. (same percentage, same loan amount, etc)

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you want to remove your deceased father's name from the mortgage, you will have to refinance the mortgage in your name. Once you [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the mortgage, you would be responsible for paying off the mortgage dues in full.

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

My dad passed away and his name was taken off his house mortgage without any refinancing and he left it to me and my name went on with my mom's name. All we did was show a death certificate.

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

ok...that's a strange situation, guest. what kind of lender was this?

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

I was preparing the ask the question about a loan assumption but you have already answered it in great detail. Thanks again.

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autumn_limco's picture
autumn_limco | Joined: January 5, 2010 01:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

thank you for this information but still this topic is broad. what would be the advantage of selling a house than refinancing? would be both time and effort consuming?

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

selling a house versus refinancing? is this something that people actually think about?

"let's see...shall i sell my house or just refinance? should i cut my payments lower so i can afford them better, or just take my money and run? maybe i could go with a 15 year loan so i won't have a mortgage forever or else i can sell the house and not have a mortgage at all! yeah...that's the ticket...i'll just rent a one-bedroom apartment for a thousand dollars a month...cool!"

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

Recently co-signed as borrowers on a house for daughter.Please advise what could happen if for any reason payments could suddenly not be made.. Would they be able to take our mortgage free house,, or what would they do?

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

babs, have no fear about losing your home. keep on top of your daughter as best you are able to ensure that she doesn't run into difficulty, therefore putting your finances in jeopardy. that's the only worry you may have - your finances. i say "shame, shame" on the lender who neglected to inform you of your precise obligation here. you are fully obligated on the loan you just cosigned; the lender does not have to look to your daughter for payments, and they can actually seek payment from you at any time (in theory). the practice, however, is that they'll send statements to her and she'll make payments regularly.

if she defaults, your risk is that you'd have to begin making payments so as to avoid a foreclosure on her home. yours will not be jeopardized.

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inteltech2008's picture
inteltech2008 | Joined: May 17, 2010 11:15 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi eric ,
Its a helpful information for me , and others thanks alot.

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

Thanks for the answer, have a good day.

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

Thank you, williamdona2001, I just did that with my lender. There aren't many lenders around that will do this but mine did. I had a conventional fixed rate mortgage with my ex-husband (divorce just finalized). The lender did a credit check on me, my ex did a quit claim on the deed and the lender had me sign a release of liability form releasing my ex from any obligation. It only cost $250 - no closing costs. So I was able to keep existing mortgage (and rates are down a bit but not enough to warrant refinancing).

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kristinthomas21's picture
kristinthomas21 | Joined: August 6, 2010 10:29 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

By finding low-cost loan refinancing can be an uphill struggle for the current state of the U.S. economy and housing market. Unless the current lender agrees to voluntarily remove their names and current loan ex-husband, the best thing you can leave your mortgage name yet. When the 'wrapper retrieves the current depressed state should increase the value of your home, we hope to provide enough capital to refinance the house in good conditions, without significant gains.

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

My boyfriend and I live together. My name is on the mortgage but both out names are on the deed. I want him to move out or sell the house but he refuses. Are there any solutions?

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

Does a quitclaim deed count as "selling the house"? I need to take over the mortage and property from my parents and we were going to do a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url]. is this the easiest way to do this?

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

There is another way to take off a person''s name on a mortgage. It can be done through the loan modification process through HAMP or in-house modification programs through lenders & servicers. I have seen this done in Florida and Georgia so I''m sure it can be done in other states. I have also seen a person added to a mortgage in the modification process so that the loan could be restructured. Additional income was needed for the homeowner to qualify for a modification and the lender allowed her to add her mother to the deed and loan so her income could be included. I hope this helps.

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

She got approved for a loan mod, i didn't? she asked me to move, so she can move in! She said she cannot re-fi for about 4 yrs an she is now on a 3 month trial payment with the loan mod, i would really like to get my name off or claim bankruptcy?

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

Hi Guest,

You can contact a bankruptcy attorney and file bankruptcy. However, if you should file bankruptcy, then you shouldn't transfer the property now. It will make you ineligible to file bankruptcy. Contact a bankruptcy attorney and take his opinion in this matter.

Thanks

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