Posted on: 17th Sep, 2009 11:55 am
Seven years ago I bought a house with my girlfriend; the house is Belly up (paid 285K, now worth about $220K owe 245K). We broke up, she signed a quick claim deed and is also out of the homeowners insurance; all these was done as instructed by my bank so that I could assume the mortgage ($2,300 monthly); I have been paying the mortgage by myself for the last 4 months and never been late.
After all this work the bank came back and told me today I do not qualify because of my credit (lost my business a year ago and have a delinquent account), but I still make about $70K a year as a Physical Therapy professional.
NOw I still have her in the mortgage and note but she is no longer living in the house or paying her share; we verbally agreed on this when she signed the Quick Claim deed.
Question: Can we get her name off the mortgage and note through legal means ?(lawyer)
The only option the Bank gave me was refinancing at a cost of $4,500. dollars.
After all this work the bank came back and told me today I do not qualify because of my credit (lost my business a year ago and have a delinquent account), but I still make about $70K a year as a Physical Therapy professional.
NOw I still have her in the mortgage and note but she is no longer living in the house or paying her share; we verbally agreed on this when she signed the Quick Claim deed.
Question: Can we get her name off the mortgage and note through legal means ?(lawyer)
The only option the Bank gave me was refinancing at a cost of $4,500. dollars.
hi,
as your girlfriend signed the quitclaim deed her name will be not be on the property title. but her name will appear on the mortgage note until you refinance the loan in your name. there's no legal means through which you can get her name off the mortgage.
given the current market situation, the lender will not let you refinance, if you have a bad credit. you need to improve your credit in order to qualify for refinance. since you can afford to make the payments on time, i'd suggest you to not go for refinance right now. instead, you should keep making your payments on time for about a year and let your credit scores improve. once you have good scores, you can apply for refinance and change the mortgage in your name.
as your girlfriend signed the quitclaim deed her name will be not be on the property title. but her name will appear on the mortgage note until you refinance the loan in your name. there's no legal means through which you can get her name off the mortgage.
given the current market situation, the lender will not let you refinance, if you have a bad credit. you need to improve your credit in order to qualify for refinance. since you can afford to make the payments on time, i'd suggest you to not go for refinance right now. instead, you should keep making your payments on time for about a year and let your credit scores improve. once you have good scores, you can apply for refinance and change the mortgage in your name.