Ask Me Help Desk - How do I get out?

How do I get out?

In Feb. 07' my boyfriend (at the time) and I had bought a house together, then a year later we split up and he took the house. I had gotten my name taken off the deed, but need to get my name off the mortgage. He has tried to refinance, but his debt to income ratio is too much. If I was to go the legal way, what would I have to do and where would I start? I have not lived at the home since Feb 08, but my name is still on the mortgage. I need help in finding out how to get out of the mortgage. Thanks

michelleshome

How do I get out?

In Feb. 07 my boyfriend (at the time) and I bought a house together. Then in Feb of 08' we split up and he took the house. We both agreed that he would take the house and that he would refinance. It has been over 6 months now since I have lived in the house and he has yet to refinance. My name is no longer on the deed but is still on the mortgage. I need to know in a legal way how to take control of this situation and get my name removed off the mortgage. He has tried once but did not succeed with refinancing, his debt to income ratio is too much. How do I get my name removed from the mortgage, so I can go on with my life? Thanks

You choose the wrong time for this problem. With the current problems in mortgage land you two will end up in having to sell the house.
If your ex can not get your name from the mortgage because of his income, start trying to find a buyer for the house asap before you will be forced to get the house auctioned off - often at great cost to the mortgage taker.

Success !

:)

Yes, there is no way you can "force" a new mortgage, if he does not qualify, he does not qualify, You may consider court action to force him to sell the home for division of the equity if any. And this of couse will depend if the house is worth more than the mortgage after only one year in this market.

I also question how you got your name off the deed. Generally, you have to get the permission of the lienholders to change ownership. The mortgage company can call the loan forcing you both to pay the balance of the mortgage or lose the property.

The only way the lender will release a co-borrower is through a refinance.

Quote:

Originally Posted by ScottGem

I also question how you got your name off the deed. Generally, you have to get the permission of the lienholders to change ownership. The mortgage company can call the loan forcing you both to pay the balance of the mortgage or lose the property.

The only way the lender will release a co-borrower is through a refinance.

Scott: Well, this happens ALL the TIME. Almost all loans have a "due on sale" clause, but I have never ever, ever heard of a performing note being called due. Assuming the payments were current when they did a quit claim deed (I assume... ) I'm sure the lender didn't even bat an eye. All the Real Estate "gurus" teach this as a method for buying properties. Everyone says it "could" happen (the note being called due, that is)with a small-town bank or small lender, but even then I've never heard of it. The big lenders... they have NO clue, nor do they care as long as they're getting their payment.

OP: Taking your name off the deed but still being on the mortgage was not a good move! Like the other posters have told you there is NO WAY to get your name off the mortgage w/o a sale/re-fi. Now he owns the house and you are legally responsible for the payment. You may be able to contest the deed transfer - however you did it. I'm sure it would require a clever real estate attorney. Are you on any kind of terms with the ex? Is he working with you, or trying to take you to the cleaners?

I realize calling the loan is a long shot, but its still a possibility. Its not a risk I would recommend taking.

Quote:

Originally Posted by ScottGem

I realize calling the loan is a long shot, but its still a possibility. Its not a risk I would recommend taking.

I agree. I've never been able to bring myself to take the risk.

What concerns me about her case is that she basically gave him the house, but she's still responsible for paying for it. It's no longer her house. But it's still her loan.

So, if the spot sells for a profit, she's not entitled to any of it, right? Since she signed off on the deed? Yeah... that doesn't seem like the best move, but I don't know what she can do about it now.