Question by Kim D: how do you take someones name off a mortgage without refinancing
As part of divorce settlement, house must be refinanced into my name only. I have already done a quit claim and deed in my name only, but i am having trouble qualifying for a refi with good rates my current rate is 5% can I take the other name off the mortgage without a refi???
I am asking because I need to declare ch 7 bankruptcy and I know that I may not be able to refi by march, I have children and don’t want to sell the house. I have all rights to the property and there will be no distribution of proceeds.
Best answer:
Answer by Sunshine
Don’t think you can…. unless they choose for that or something.
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You really can’t. You can take them off the deed, but not the mortgage w/o going through a refinance.
Unless the remaining parties are able to carry the debt load, it would be pretty hard to do without a court order, such as a divorce decree, or a death certificate.
Can’t usually
READ your mortgage, it allows lender to accelerate mortgage–call it totally due NOW.
Have to refi
And isn’t this person also in title????
It sounds like your issue is: not that you can not refinance but the refinance numbers will not equate to as good of a deal as you currently have on the loan? That is a different animal if so, need to read your divorce decree, since you are able to refinance but just do not like the terms being offered, not sure if courts will find you acting in good faith, it would be a totality different story if you where unable at all to refinance versus just do not like the terms of the refinancing
sell the house, split the proceeds and move on with your life
Cant without doing a refi.