They say nothing last forever and that includes relationships with the person you signed a mortgage with. If you’re in this situation, then it’s time to learn how to remove your name from mortgage without refinancing.
First off, you need to understand the situation you are in. If your relationship is breaking apart whether through separation or divorce, it’s time to get all of the facts.
If you want to get your name or theirs off of the mortgage and move on to the next phase in your life then the first thing you need to do is call the lender that gave you the loan. The technical term for one party taking over the mortgage is called assumption. Some loan types allow assumption, some don’t.
Explain the situation to your lender and ask if assumption is allowed on your type of home mortgage. If so, great! You can now continue down this path. If not, then don’t worry; there are still plenty of options.
Another thing to take into consideration is does the other party on the mortgage want to take over the loan and can they swing the payments?
The lender will ask to see all of the financials of the person who wants to stay on the mortgage. That means producing bank statements, pay stubs, credit reports and all of that other fun stuff that proves you can pay your bills and the big bill that you’re asking to take on.
If the person doesn’t have the means then it’s unlikely that the bank will allow you to remove your name from mortgage without refinancing.
If assumption is not possible or financially viable then you still have options.
After you have called your lender and gotten the skinny on the loan terms talk to the other person on the loan. If they can’t or don’t want to assume the loan themselves then it’s time to make other plans.
The quickest way to get yourself and anyone else off of a loan is to pay it off. If you don’t have tons of spare cash lying around then you’re going to need to sell the house.
The only problem is that selling a house doesn’t always work with the time line of a break up or other major life event. You may not have the time and money to last through the traditional sales process. Even a quick sale might be enough to tap your resources.
Here at D&D Property Solutions we are real estate professionals that have seen almost every possible situation and can help you through yours.
Our knowledgeable and friendly staff will work with you and find the best possible solution to your real estate situation. We have the finances to move your home sale along fast enough so there is no risk of foreclosure or damage to your credit.
Call us today at (267) 888-8987 or contact us here to get your questions answered now.