House in my name but someone else makes the payment. Need it out of my name. Options

They will not get it refinanced in there name.
(0) | asked by: Johnny Willis | share | 4 months ago | Report
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answer by Rita Nelson    |   Visit My Website   |   Contact Me
Hi there Johnny, As previously stated, the only way to remove your name from the deed and mortgage document is to sell the property and retire the mortgage at closing OR have the occupant who is making the payment to refinance the mortgage into their name - only. This issue comes up often when couples are going through a divorce. If one of the spouses want to keep the property and are able financially to qualify for the payment based on their income only, then the divorce decree can address a split of any equity prior to the refinance, and also require a quick claim deed to totally free the party who wishes to exit the property. Co-signing for a loan comes with risks in that any late payments made by the party in possession of the asset will have an adverse affect on the credit score of the party whose name is on the loan. ONE BIT of GOOD NEWS- IF the party in possession of the assets has made payments via CHECK or DIRECT DEPOSIT for at least 12 months, then many lenders including Fannie Mae ( for conventional home purchases) will not count that payment against you in determining your debt to income ration. The payments MUST be documentable so if the person gives you CASH each month to make the payment, that won't help you. They need to write a check or direct deposit it in a manner that it is traceable and verifiable. There must be NO Late Payments during that 12 month period. Best Wishes!
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2 months ago  |   Report   |   share
answer by Marisol Giron    |   Visit My Website   |   Contact Me
The only way to remove the loan of your name is to have it financed under another persons name. If it's FHA you can have the current try to assume the note. But overall you will need to have a lender help you with the process. Or the other option is to sell the house, that would transfer the house note to the new owner.
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4 months ago  |   Report   |   share
answer by Michelle Brecker    |   Visit My Website   |   Contact Me
Good evening Johnny, This question is a hard topic, the only way to remove ones name from the loan/deed, is to sell the home to the other party. Some lenders will allow the loan to be assumed so that may be an option, or the other option is to truly sell the home to the other party. As your lender will not remove your name and liability unless some is there that they approve to replace you or they are paid in full.
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4 months ago  |   Report   |   share
answer by Bernice Frimpong    |   Contact Me
What type of loan is it, you may have to let the person qualify on their own and remove you from the loan. Give me a call Ito better assist you.
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4 months ago  |   Report   |   share
answer by Albert Yanez    |   Visit My Website   |   Contact Me
I just helped a family with this very situation. As long as there are two parties working to accomplish this goal it can be done. Give me a call so that I can get further details from you on your situation. Cheers, Albert Yanez RE/MAX Northwest Realtors 281-726-9919
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4 months ago  |   Report   |   share
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