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Is there a way to get your name off of a Mortgage without refinancing?

Is there a way to get your name off of a Mortgage without refinancing?...I got a divorce about two years ago and I gave my ex husband the house. I haven't made any payments on the house in two and a half years. Is there anyway that I can get off the mortgage without him refinancing? His credit is in the low 500's. Also, I am remarried and we have good credit scores together and would like to buy a house. I also live in Indiana. I don't know if that makes a difference. Any advice you have would be great! Thanks

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

Hi perksl!

Welcome to forums!

In order to remove your name from the mortgage, your ex-husband will have to refinance the mortgage. There is another process called [url=http://www.mortgagefit.com/know-how/novation-mtg.html]novation[/url] through which the mortgage can be transferred in your husband's name but lenders prefer [url=http://www.mortgagefit.com/refinance.html]refinance[/url] over novation.

Feel free to ask if you have further queries.

Sussane

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

Thanks Sussane! Your answer was what I was looking for. However I don't know much about novation. What exactly is it and what do I need to do to do about it?
Thanks Again!

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

stepanie, if you should seek novation from the lender, i would surmise it won't be successful. if your ex-husband's credit is that poor, they wouldn't have any desire to eliminate your obligation.

what i cannot understand is how people always seem to know their ex-husband's or ex-wife's or ex-boyfriend's or ex-girlfriend's credit score. i know if i was an "ex" i wouldn't divulge my credit standing to a former spouse or love interest.

how do these things happen? can someone explain it to me?

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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 stil on the house with my ex fiancee, her credit is very good....and im married trying to get another house....I am the co-borrower on the house and she wants me to do a quick deed? I refused to do that because I could still be liable if she decides to stop paying.......what can i do to get my name off this ungodly house????????? HELP

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

Hi

You'll be liable for the loan even after signing the quitclaim deed, if your name is on the loan. So, the important point here is to get your name off the loan. In order to do that, you need to get the house refinanced in your ex's name. If her credit and income are good, you can request your lender to remove your name from the mortgage through a novation agreement. If she qualifies on her own, the lender may agree to do a novation.

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

you need to negotiate with her regarding this [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url]. if you have legal representation, you can make the quit claim part of the bargain, the remainder being that she'd be required to refinance within a certain timeframe. in fact, you can coordinate in such a way that the quit claim deed could be delivered at the same time as her refinance takes place. in that fashion, you could be assured of being released from liability on the old mortgage, and she'd have what she desires, as well.

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

My son is also trying to get his name off a morgage and he has no idea how to start, thanks for all the info.

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

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

How do i get ex girlfriends name off of house we bought together? She is refusing to quitdeed it to me and the loan is in both of our name, but i want her off of everything?

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

crazy rd15 without question you should sit down with an attorney at once to discuss your rights, responsibilities and what can be done to accomplish what you seek. this is not going to be easy, i'm sure; but i hope you can work it out. honestly, your best bet is to negotiate as well as possible to get her to agree to settle for less.

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

My ex and I bought a house when the housing market was at its peak and now the home is not worth what we paid for it. Once we split I moved out if the house and began renting. We put the house on the market to sell. I continued to pay half of the mortgage for 9 months and then it became financially too straining so we decided to let the loan default so he could apply for a loan modification to be able to pay for the house by himself. The bank modified the loan based on only his income and I had to sign a quitclaim deed in order for them to consider his request for a loan modification so he wouldn't loose the house. It is now over a year later and he applied to assume the loan to take my name off of the loan and was denied. I am trying to buy a home and can't get one because of my name on the loan for the house we had together. So now as long as he has the house I am unable to buy a house. I have tried submitting paperwork to show that I do not make any payments toward that mortgage but still get denied for a home loan of my own. My question is how is the bank holding me accountable for the loan as it has been modified from the original agreement and I did not sign anything agreeing to those terms? It would have been better for me if the house has just been foreclosed on then at least there would be a light at the end of the tunnel for me to be able to purchase a home in about 3 years but the way it stands as long as he has the house I can't.

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

Hi dawn,

Your query has been replied to in the given page:
http://www.mortgagefit.com/know-how/about40483.html

Take a look at it. Hope it helps you.

Thanks

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

A few years my fiance helped his parents out by adding his name to their mortgage. His dad was having money troubles so its in his name and his mothers. They now owe WAY more money on the house than the house is worth.
And we want his name off so we can buy our own house. I can't seem to find anything good about this situation.
They won't be able to refinance to get his name off, they wouldn't get approved. If they short sale it or forclose on it, my finace's credit drops dramatically and we wont be able to get a loan for a house for a few years. Are there any other options out there? Or are we just totally screwed!
It's a 2 family home, if he kept his name on it and rented the upstairs and had rental income, could this help, or would our debt to income rate not be good enough for us to get a decent loan?

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

Hi Marina,

Your query has been replied to in the given page:
http://www.mortgagefit.com/problems/buynewhome-loan.html

Take a look at it. Hope it helps you.

Thanks

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

what can i do

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

Hi arun!

Welcome to forums!

You can ask the co-borrower to go for a novation or simple assumption in order to remove your name from the mortgage and transfer it in his or her name.

Feel free to ask if you've further queries.

Sussane

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

I am married i havent lived in the family home in 4 years and i want to buy a new home but my name is on that mortgage. What do i do?

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

Hi alexis!

Welcome to forums!

You should ask the other family members to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the mortgage in their names. This will release you from any liabilities toward the mortgage payment.

Feel free to ask if you've further queries.

Sussane

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

Hello, I currently have a mortgage with my ex. He has been living in the house by his self for 1 year and making all the payments. His credit is very good but he just lost his job. Being young my credit is good but my income is not high enough for both a car and house. I quick claimed the house almost a year ago not fully knowing that it did NOT remove my name from the loan... please any information would help

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

Hi heather,

Unless your ex refinances the mortgage in his name, your name won't be removed from the property deed. However, as your ex has lost his job now, he won't be able to get a refinance. You and your ex can sell off the property through a deed in lieu of foreclosure. However, this will affect your credit scores in a negative way.

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