I am co-owner with her mother at home. This is the FHA, and that the provision of care. Can I have your name?

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My husband and I are ready to get to your house, and I would like to obtain mortgage loans from my mother. I called the mortgage company and they told me my credit for a better mortgage in my name, but my debt ratio is too high on my credit. Assuming a term loan, what should I do next to get my name off the mortgage. I never made payments on the loan fees and interest does not pretend, my mother did.

  1. Reply
    April 30, 2011 at 12:47 am

    Your mother must refinance.

    No mortgage company is going to let you off the hook just because you have changed your mind.

  2. Reply
    Simpson G
    April 30, 2011 at 1:29 am

    You can get your name off the title, but you can’t just delete your name from the mortgage.

  3. Reply
    Sharon T
    April 30, 2011 at 1:43 am

    It will come down to whether your mother can qualify for the mortgage in her own right based on her income and other debt, if any.

    The assumption clause is usually for when someone sells the house but it might work for your purpose. You’ll have to ask the mortgage holder or a real estate attorney.

  4. Reply
    April 30, 2011 at 1:57 am

    If you are on the promissory note of the mortgage (the part that says you agree to repay the loan), your mother will have to refinance the loan to get you off the mortgage. If you are merely named on the mortgage for the sake of of your interest in the property, the mortgage should not effect your debt ratio.

  5. Reply
    April 30, 2011 at 2:29 am

    You don’t get your name off that mortgage in ANY fashion unless your mother refinances under her own name solely. You guaranteed your mother’s loan, and that means it is considered your loan, for liability purposes, until she refinances with no co-signer.

    The assumption clause has nothing to do with your guarantee of the loan.

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