How can i remove my name from my moms mortgage? She will not refinance unless she gets a 3% interest.?

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I’m trying to get a loan myself but my debt to income ratio is to high because of my mom’s mortgage. Is there a way to get out of it without refinancing? What legal action can i take?

  1. Reply
    May 4, 2011 at 1:25 am

    There is absolutely no way other then refinancing to remove your name, other then her selling the house.

  2. Reply
    May 4, 2011 at 1:46 am

    You are stuck. No lender will remove you from your mother’s mortgage without her refinancing on her own. There is no legal action you CAN take, since you apparently willingly signed the mortgage along with your mother.

    Sorry to tell you this, but you are at Mom’s mercy.

  3. Reply
    May 4, 2011 at 2:11 am

    You can’t get your name off the mortgage. It’s a contract.

    A way around it might be to do a seperate sales contract with your mom showing her paying you for your half of the home(check with your CPA for tax purposes) you carry the note and recieve payment from her, which would wash out that mortgage, and free up your DTI.

    Again, check with your CPA to run the numbers there.

  4. Reply
    Etta P
    May 4, 2011 at 2:48 am

    Nope, there is nothing you can do. Until she refinances there is nothing you can do. If she is making the payments, perhaps your lender will accept proof via 12 months cancelled that this debt is truely a co-signed loan. Lender do allow that all the time. Hope this helps

  5. Reply
    Poop Chute
    May 4, 2011 at 3:22 am

    There is nothing you can do. Why in the hell did you do that anyways?

  6. Reply
    May 4, 2011 at 3:39 am

    Fortunately, the internet has opened up a host of opportunities to obtain such loans. There are websites that specialize in just that. Furthermore, there are traditional lenders that offer an online application pathwaypayments and whether or not you will need to put up real estate as security.Once you have taken the time to ask yourself some searching questions and also get some reliable answers from lenders, you will be in a much better position to choose a loan.

  7. Reply
    May 4, 2011 at 4:28 am

    Yes you will have to pay the closing cost and refinance. BTW she is crazy no one is going to give you 3% interest.

  8. Reply
    Paula M
    May 4, 2011 at 5:11 am

    You can force a sale…ugly but effective

  9. Reply
    May 4, 2011 at 6:10 am

    Hello Mortgage processor here. Check and see if the mortgage is an assumable mortgage. If it is, then your mother would have to qualify on her own and there is usually a fee to take over the loan. If she can’t qualilfy on her own then your stuck. She’s not going to get a 3% rate and she knows it. Its her way of telling you she’s not doing it. She may benefit from a refi so check and see if she would then try to sell her on that.

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