Posted by John Merchant on September 29, 2004 at 13:50:08:
No, I got the point, but apparently you didn’t get mine: NO WAY a lender is going to let ANY signer off the loan!
Doesn’t matter that you’re splitting, she’s moving, etc.
That lender won’t release her, you, anybody else until they’re paid.
remove a name from a co/mortgage - Posted by Bennie L. McGhee
Posted by Bennie L. McGhee on September 27, 2004 at 11:47:23:
My fiance and I are breaking up,we are both on the mortgage she wants out so she can move to Texas,I want to keep the house, however my credit is not good. Please help if possible.
Re: remove a name from a co/mortgage - Posted by John Merchant
Posted by John Merchant on September 28, 2004 at 10:17:41:
Look at it this way: Bob Borrower signs a note and borrows money from you. Then, he comes to you and asks you to please give him back his signed note as he wants his name off the note.
Would you give him back his note? Without your being paid?
So why would you expect any other lender to do so?
Re: remove a name from a co/mortgage - Posted by Tom-FL
Posted by Tom-FL on September 27, 2004 at 19:14:08:
Two options:
Re: remove a name from a co/mortgage - Posted by Ben McGhee
Posted by Ben McGhee on September 29, 2004 at 13:46:05:
I Think you’re missing my point. My fiance and I are breaking up. we’re both on the mortgage. I want to keep the house, can her name be taken off? she’s moving to Texas.
Re: remove a name from a co/mortgage - Posted by Frank Chin
Posted by Frank Chin on October 03, 2004 at 12:06:47:
Ben:
Look at it this way.
Someone and his fiancee signs a note with you after you looked at their combined incomes, and say “OK, I think I can give a loan based on both incomes”.
After the breakup, they come to you and say, take my fiancees’ name off the mortgage. And because You GOT THE point, you say “I’m a nice guy, I’ll take the name off”.
A while later, he comes back to you and say "Look, I thought I was going to get a roommate to help pay the mortgage, but its harder than I thought. I can’t pay the whole mortgage based on my income but I can pay half the mortgage since I don’t have my fiancee’s income.
Think that can happen??
Ben, most bankers base their loan decisions on the incomes of both people applying. And ON TOP of that, many banks sell their loans to outfits like FANNIE MAE. In other words, the decision is already out of their hands.
Frank Chin