What is the best way to remove someone’s name from a mortgage if they are the co-borrower refinancing w o /

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My mother is the borrower and I am the co-borrower. She has always paid on the loan. It is best to qualify for both of us. I am willing to relocate and wish to withdraw my name so I can get something. I really did not she (my mother) to go through the process of refinancing, as things are now.
OK, I asked another question a few minutes, which led me to this path. I first asked: “My friend / partner and I were together a long time about 5 years ago we bought a house for my name because he has no credit, it was at the height of the housing bubble and my interest rate is almost 7%, we … ‘d like our mortgage payment lower, and I wonder if I can sell “my house” because it fulfills the conditions for a mortgage with only 5% today with good credit. I do not know if the house is worth what we bought it for, but he did not lose much value (maybe 10k) if at all. … So if the house is valued at say, 160k and 165k, I still owe on my mortgage, I can sell it at 165k could reduce our payments? How does it work? Are there pitfalls I give? “But it seems that this action plan eventually cost us more, especially since it is not our primary residence. Some people have suggested I look into refinancing a lower interest rate, but my tax return for 2009 shows that the adjusted gross 12k (I’m self employed). I doubt my bank would be ready to adapt to such income. So if I apply for refinancing, I can register a co-signer, even if I’m the only one listed on the deed? Thank you for all the useful information.

9 Comments
  1. Reply
    after_butterfly
    February 9, 2011 at 9:44 am

    I think the only way to get out of the loan, is for her to refinance.

  2. Reply
    Dizzy_Lizzy
    February 9, 2011 at 10:31 am

    Refinancing is the only way to get your name off the mortgage. You can’t just qualify for a loan and then hand it off to someone else, even if they are a co-borrower. The bank gave the loan to both of your, based on both of your data; not just to your mother. She would have to qualify for a different loan on her own.

  3. Reply
    raulslsy
    February 9, 2011 at 11:14 am

    Only way is to refi. Sorry.

  4. Reply
    FRANK Mortgage Broker
    February 9, 2011 at 11:33 am

    It may be possible to do this. It is called a modification of mortgage. With that, you could be removed from the mortgage. She would have to be able to qualify for the loan, without your income, in order to do this.

    You first should verify that your mom’s income is sufficient to qualify for the loan. Her total fixed debt should not exceed around 41%-43% of her gross income.

    If she meets that requirement, then you need to contact the lender. Ask them if they do modifications of mortgage, and what the proceedure is.

  5. Reply
    Charles97
    February 9, 2011 at 12:17 pm

    refinance is the only way you can get a co borrower out of your loan. Now you just have to find a good mortgage loan company that will give you a good rate and term. Take a look at this company. They might be able to help you. Even if you have to refinance, but if you still can find the same rate or even better, why not?

    http://www.amerisave.com/partner/chongthong

  6. Reply
    Bibs
    February 9, 2011 at 1:01 pm

    The co-signer would have to be on the mortgage. I do not think that would help you get a refinanced loan.

  7. Reply
    GVD
    February 9, 2011 at 1:18 pm

    If you qualify for one of the federal programs that can refinance you to 105% or 125%, you can add a name to title to refinance without the normal “seasoning” requirements. Usually they have to be on title for at least 6 months, but with what’s called DU Refi Plus or Open Access from Fannie Mae and Freddie Mac, you can get this done. The only problem is that your mortgage has to be owned by Fannie or Freddie. To find out, check these links

    Fannie: http://loanlookup.fanniemae.com/loanlookup/
    Freddie: http://www.freddiemac.com/mymortgage (hit cancel on the login if one pops up)

    Then get with an experienced loan officer in your area to assist you.

  8. Reply
    Expert Realtor
    February 9, 2011 at 2:11 pm

    The MAJOR pitfall, is why would you want to give your house away? Do you realize that if you two broke up he can evict you and keep every dime of equity, if any, that gets built up?

    Don’t sign a 30-year contract with someone that you don’t have a lifetime contract with…after 5 years, if you haven’t married by now, the chances are very slim that you ever will.

    You can’t commit tax evasion (which is what you are doing if you are trying to expect the gov’t to believe you only make $ 12K a year) and use a higher income for a loan…you are at PRIME risk for getting audited for that reason alone.

    You can put your boyfriend on the deed, but seriously….I wouldn’t do that if I were you because that means you can’t sell it or refinance it without them allowing you to…no way would someone else have that kind of control when I am footing the bill for it.

  9. Reply
    Rowan Stephens
    February 9, 2011 at 3:01 pm

    http://loanrefinanceadvice.com/refinance-programs/ has everything you need to know about refinancing, refinance rates, and what steps to take if you are interesting in refinancing.

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