Getting Someome Off My Mortgage
My brother and I bought a house together three years ago, and he moved out, on good terms, about two years ago. We’d like to get his name off the paperwork so that I’d be the official owner / mortgage payer of the house. We know it’s probably going to be a headache – do…
My brother and I bought a house together three years ago, and he moved out, on good terms, about two years ago. We’d like to get his name off the paperwork so that I’d be the official owner / mortgage payer of the house. We know it’s probably going to be a headache – do any of you know what’s involved? Have any of you been through this process before?
The real warning to the query is that the mortgage holder generally has the right to demand payment in full for any changes. This usually leads to a refi and if you got the original loan when rates were better you may be better off leaving things as is. You can easily formalize this with a separate contract to buy out your brother over the loan period.
Interesting 2:59, this is 2:13, I guess this may vary from lender to lender, Bank of America would not do what you and your ex wife did. If the original poster can pull it off without a Refi than that would be best. Let us know the ending result.
Did the same thing with my ex wife – without a refinance. The title is one thing, the mortgage is another.
Was a seperate income check and such but I assumed the loan as an individual. Called the bank and did their paperwork. Some lawyer work and a little notorized paperwork from ex but it moved along fairly smoothly. At the end, same loan, same terms.
12:37 and 1pm are correct – taking someone off the ownership (Deed) of the property is easy because the social security number is not attached to this as is with the mortage note. Hence the only way to remove someone from the mortage note would be to re-due the loan (Refinance). If you dont qualify for the the refinance then he must stay on until you can. In the mean time as long as you make you payments on time obviously you wont damage his credit.
Additionally, if he want to buy his own house in the future all he has to do is present his lender with proof that he is not making the monthly paymenys on your property and they will honor this as him not having direct financial obligation.
I went through the same exact situation when I helped my dad out on a refinance, then I got married moved out and purchased my own home. Good luck.
the only was to get him off the mortgage is with a refinance
The only person i know who was in this situation ended up refinancing their mortgage to get the other person off the mortgage. There may be another way to do it but that is the only one i know of. The deed i would imagine would be a lot simpler.
PS
Call a title company and ask to speak to their attorney. They will explain the procedure.
The process is very simple but you would need a real estate lawyer to do it. You are just removing a name. It is not expensive. It should only be a couple of hundred dollars.
The lawyer will file the new deed with the registrars office.