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    honeyroasted314's Avatar
    honeyroasted314 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 25, 2008, 08:42 AM
    Trying to get out of house
    I hope I'm in the right area to ask this question but my fiancé bought a hud home about 2 years ago with 2 other guys in Ohio. They agreed that they would stay for 2 years and then part ways. One of the guys is the primary name on the mortgage and my fiancé is the cosigner. Since the agreement was made the two roommates have decided that they want to stay instead of move but my fiancé wants out. Is there anyway to get out of the house if they don't want to sell it? Or rather can he get his name off the house so that we can move? Thanks for your help.
    progunr's Avatar
    progunr Posts: 1,971, Reputation: 288
    Ultra Member
    		  
    #2

    Jul 25, 2008, 08:44 AM
    The mortgage will have to be refinanced into the names of the two that want to stay.

    That is the only way to remove his obligation.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jul 25, 2008, 08:47 AM
    Besides how the mortgage is listed what about the deed on the property? If you fiancée is on the deed, then along with the other two, then they need to buy him out. He sells his share to the other two. If its just the name on the mortgage then you you just need to refinance. If he is on the deed AND the mortgage, then you need to do both.
    Dr D's Avatar
    Dr D Posts: 698, Reputation: 127
    Senior Member
    		  
    #4

    Jul 25, 2008, 10:25 AM
    Just an addition to the previous posts. If the mortgage on the property is an FHA loan, then a refinance is not necessary, unless it is to get a better rate. The two remaining co-borrowers can do a "full qualifying assumption" of the existing (FHA only) loan, and thereby remove the third party. Contact the mortgage company and request an assumption package. The cost should be about $500 to the mortgage company plus title company charges. This should be much cheaper than a refinance.:)
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