At this point, you probably realize that the yelling & screaming at your now ex girlfriend or boyfriend didn’t get you very far when it comes to handling your mortgage. Now, you want to get your name removed from the mortgage. But, unfortunately there is only one real option to remove your name from the mortgage and the deed, other than foreclosure & bankruptcy. So what is it?
Get Your Ex to Apply For a New Mortgage
Your ex must apply for a new mortgage under her/his name. During that process, the bank will send you a document called a quit-claim deed that you simply sign and return to them. Upon approval, the bank would then refile the mortgage at your local courthouse, which would replace the lien with both your names. Most, if not all, banks do it this way as they can make income from new closing costs, such as origination fees and other costs. Your ex should contact the lender or another mortgage co. and start the refinancing process as soon as practicable. Hopefully, your ex can qualify for a new mortgage just on his/her income, as the lender tendered the mortgage on both your incomes when you originally bought the house.
What If Your Ex Doesn’t Qualify for the Loan?
If your ex does not qualify for the loan, then you would need to make the decision to let your ex continue to pay the mortgage with your name still attached. However, you would still be liable for your ex’s late non-payments, thus affecting your credit rating. Your option at that point is to obtain a lawyer and sue your ex so as to force her/him to sell the house, if your ex will not agree to sell.
More Mortgage Finance Questions?
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