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Can My Name Be Taken off a Mortgage? - The Bills.com Blog
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Can My Name Be Taken off a Mortgage?
Monday, Nov 2, 2009
Question: Hi there,
I'm in a rather unique finanacial situation and don't know where to turn to for help. My ex-husband and I owned a business and home together. He is a massage therapist and treated clients in our home. We divorced in February of this year, but the mortgage, which we refinanced a couple of years ago was put in my name only as my credit at the time was better. The title is in both of our names. I have asked him to put the mortgage in his name. The problem is that the mortgage will affect my credit and I need to buy a new home. He says the mortgage company will not put it in his name as times are tough and he is not making as much as he used to. I am looking at early retirement and no longer involved in his business. Is there anything I can do to remove my name from the mortgage? Please I need help!
will not remove a persons name from the loan. This is due to the fact that the loan you have is a legally binding contract for which you are a party to, and responsible for. When the loan was made to you it was done so because you qualified for the loan, not your ex-husband as you mentioned. The only way you can be taken off is if he were to qualify for a new mortgage loan to pay off the existing loan against the home. It is difficult for many to qualify for a mortgage these days because banks have made
their lending criteria very strict since the collapse in the financial markets occurred. It is even more difficult for individuals that are self employed to qualify for a loan because banks are requiring full documentation of income. As you have already mentioned with the drop in business that he has experienced he will have are hard time qualifying for a mortgage.
To find out more about how mortgages work visit Mortgage Rates, Mortgage Quotes and Refinance Help on Home Loans to Save .
I hope this information helps you Find. Learn & Save.
Best,
Bill
To find out more about how mortgages work visit Mortgage Rates, Mortgage Quotes and Refinance Help on Home Loans to Save .
I hope this information helps you Find. Learn & Save.
Best,
Bill
Also, make sure to get a free financial health check-up with Bills IQ!
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1. Posted by Linda Salazar on Wednesday 18th November 2009 07:47
I own a home that I bought before my husband and I were married. The title and loan are in my name. I would like for him to be on the title. Or the title and the loan. What do we need to do for this to happen?
2. Posted by Bill on Wednesday 18th November 2009 08:51
The title is easy: You need to sign a quitclaim deed to put his name on the title. You can do this yourself, but I urge you to work with an attorney licensed to practice law in your jurisdiction (state) to make sure there are not any relevant facts you did not include in your question that might complicate the issue. The mortgage is more difficult: You need to refinance the mortgage. Go to the Bills.com savings center to get no-cost, online quotes from pre-screened lenders.