Question by Melissa V: Is it possible to take your name off a joint mortgage without the other person refinancing?
My boyfriend go divorced in July. They went through the whole process without lawyers and he only pays her child support.
The court said it was up to them to divide everything and get his name off the house because she kept it.
He signed a quit claim and the house is now hers, but his name is still on the mortgage and home equity loan (which she has been paying late) We want to buy a condo but my credit is not so great and he won’t be able to get a mortgage without his name being taken off the other one. She said the bank won’t let her refinance on her own because she doesn’t make enough money but she doesn’t WANT to ask her boyfriend (who lives in the house) to co-sign. Is there anything we can do to get his name off the mortgage without her refinancing since they are divorced and he is no longer living there.
Answer by MoneyMonkey
No, he’s stuck. The divorce should have including selling the house if she couldn’t refinance within 90 days. The mortgage company made the loan to both parties, and expects both parties to be held responsible. He can go to court and try to get an order for her to sell or refinance.
Know better? Leave your own answer in the comments!
No, the only thing he can do is legally force her to sell it. That will take a lawsuit.
She is telling the truth, she has to refinance and more then likely can not in this market, they may even owe more then the house is actually worth.
Sorry, no. What he could have done is gone out and purchased another place and put her name on the loan. Then he would be on the hook for hers and vice versa. Or they should have sold the house and paid off the home equity loan, or they should have stayed together. Very poor design for a divorce. This is why people shouldn’t try to do it themselves. He is going to be at her beck and call until this albotross is loosed from his neck. You might want to rethink this relationship, unless you want to married to this woman also.
Unfortunately, he’s stuck. The bank doesn’t care about his personal dealings in divorce. He’s still obligated for the mortgage. She has to refi or sell the place with a loan payoff to get the debt out of his credit. Sorry.
A mortgage note is a promissary note and I think he is going
to have to contact the mortgage company and see legally
what he can do to be taken off the note. Also he might try
the Real Estate Department of the state in which you reside and see what the statues say about that!! I truthfully think a note to promise to pay money is just that. He was doomed the
day he signed with her!!
Nope, selling or refinancing the home is the only option to get him off the mortgage.