how easy or hard is it to get your name off of a house loan/mortgage?

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my sister wants me to put my name on a house. she says she can get my name off of it and put it in her name in 12mnths. she has bad credit as we speak. i dont know if she can improve it in 12mnths. i dont even know if her having bad credit would hurt the chances of the transfer. i dont know much about real estate. all i know is that the entire planet is in forecloseure. and that is what keeps me away from getting into real estate.

  1. Reply
    February 11, 2011 at 2:13 pm

    If you co-sign a mortgage note, the only way you will get off if is if your sister re-finances at a later time. If she is having trouble getting financing now, there is no guarantee that she will be able to re-finance 12 months from now, or anytime in the near future. I would advise against going in with this deal. Part of the reason we are having so many foreclosures is because people bought houses they could not really afford. Better to rent until you are really able to afford a house.

  2. Reply
    RE its what i do
    February 11, 2011 at 3:11 pm

    Hi Hunter,

    It is impossible to get yourname off a mortgage once you are on it. No bank will let you out of the contract because you provide an extra layer of protection for the bank – kinda like a co-signer. Who ever is on the mortgage is held liable to repay that debt.

    If you sign, you pay

  3. Reply
    February 11, 2011 at 4:07 pm

    If your name is on your sister’s mortgage, you are a co-borrower which means that if she doesn’t pay, you’ll have to. Also, the only way for her to get your name off the mortgage is for her to refinance. And if she has really bad credit, chances are it isn’t going to improve drastically within the next 12 mos so she may not even qualify for a mortgage on her own at that time.

  4. Reply
    February 11, 2011 at 5:04 pm

    Man, do not do it.

    If she can not improve her credit you are toast. You CAN NOT just remove yourself, it is not possible.

    She will mess up your life.

  5. Reply
    Casey C
    February 11, 2011 at 5:28 pm

    Think about this. Your sister has bad credit because she has a history of not paying her bills. Adding you on to the note is not going to chang her habits. whether its her fault for bad credit or not, she will bring you down too. Do not do this unless you are prepared to make the monthly payments yourself. You are 100% guaranteed to end up making the payments yourself. Make sure you get some type of monetary compensation for your troubles.

    the other side effect to co-signing on loans is that if you ever buy a home of your own you’ll have to prove that you can afford this one and the one you’re buying… probably won’t happen.

    For more info you can contact me Casey Casperson

  6. Reply
    February 11, 2011 at 6:16 pm

    Look this is the problem, in this current market the general opinion is nationally housing prices have yet to level and will continue to decline until some where in middle to late 09, if that is the case then your sister will not be able to refinance and you will be stuck on the note

    Your sister is making the assumption that in 12 months based upon good payment and stabilization of the housing market that the value in the house she buys at the best stabilizes,

    I personally would not want to bet in this market that the house she buys in 08 will not be lower in value in 09

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