Financing in 55406>Question Details

Jimmis, Home Buyer in Minneapolis, MN

How do I get my ex girlfriend off our mortgage without refiancing?

Asked by Jimmis, Minneapolis, MN Fri Dec 4, 2009

She wants to leave and I want to stay, but I doubt I can qualify on my own and I want to keep the low rate we currently have.

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Short of re-financing the only other option may be the assumtion of the mortgage on your own. This you would need to see in the fine print if you could even make an assumption. A quit Claim Deed is for title only and has nothing to do with mortgage.
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0 votes Thank Flag Link Wed Mar 24, 2010
The 3 options from the mortgage broker , Peter Boyle, tell the story. There are two separate, but linked things here. 1) the ownership of the house (title) 2) the responsibility for the loan (mortgage). Both should be addressed at the same time.
A Quit Claim without simultaneous removal from the mortgage means that if you don't make the payments she would be responsible for the debt on a property she has no ownership of.
Her name on the title has it's own implications (depending on any document describing the way the property is owned/shared by the two of you). If either of you get sued the property could be a target. When you go to dispose of the property (sell it) she could claim an interest (after all she owns part of it, no matter who made the payments, unless prior contrary arrangements were made).
0 votes Thank Flag Link Fri Dec 25, 2009
To remove your girlfriend from title and the mortgage you really have 3 options:

1. You could attempt to Assume the mortgage in your own name if it is an FHA loan as all FHA loans are assumable with qualifying. You would need to call your current lender to request and complete an assumption package, which is basically a full mortgage application. Bear in mind that you would need to qualify on your own income for the full mortgage payment for this to be successful.

2. You could refinance by yourself, again qualifying under your own steam, or have another family member replace your girlfriend as a Non-Occupying co-mortgagor.

3. You could sell the home

If none of these are feasible you could:

4. You could leave her on the mortgage, have her Quit Claim her interest to you and create a paper trail, documented with 12 months worth of canceled checks, that you are making the payments without her help. In that case she would be eligible to buyer another property and we would not need to consider your mortgage payment against her in the debt ratios.

Peter Boyle
612 701 6816
0 votes Thank Flag Link Fri Dec 4, 2009
You probably can't. The Lender is quite unlikely to "forgive" the ex-girlfriend's obligations, simply because you two aren't cohabitating now.

All the Quit Claim Deed will do will transfer any claim she has to the property to you. It won't relieve her of her obligation to pay in the event that you don't.

You can always ask. The worst they can do is . .. well, let's not get into that here.
0 votes Thank Flag Link Fri Dec 4, 2009
You can ask your lender if you can assume the loan once your ex-girlfriend has signed a quit-claim - you can call a Real Estate lawyer to find out exactly how that works, or call a title company. Once the quit claim is signed call the mortgage company, explain that a quit claim has been signed, send them a copy, and ask what steps they require to assume the loan.
0 votes Thank Flag Link Fri Dec 4, 2009
Being removed from the title is different than being removed from the mortgage. The TITLE is the documentation that shows who owns the property. The MORTGAGE is the note you signed with the bank that says who is liable for the payment in order to keep the house. So, the TITLE would show both of your names if you bought it together as co-owners of some kind. A name can be removed from the TITLE by having the person who doesn't want to be named as an owner anymore sign a quit claim deed. Check with your county about that. Will she agree to sign this document without some sort of payment for her ownership of the property? You may want to check that.

As for the MORTGAGE, as far as I know, those papers cannot be changed unless you refinance in some way. You should check with your lender/bank and see what they might be willing to do to help you out with this. If she's off the title, why would she still agree to be held responsible for the payment? See what I mean? If I were agreeing to be taken off the title, I would want the other "person" to get a new mortgage that did not include my name. In other words, having claim to the payment means you should also have claim to the asset. So, if she relinquishes her claim on the asset, she won't want to have to be responsible for the payment. I think you'll need to talk things over to come to an agreement. Make sense?
0 votes Thank Flag Link Fri Dec 4, 2009
You can however have her sign a Quit Claim Deed to be removed from the title. This may help clear up some issues she may have in the future and will give you the right to sell the property without her signature.
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0 votes Thank Flag Link Fri Dec 4, 2009
I don't believe it's possible without refinancing. The rates are still at historic lows so if you were able to qualify someway the rate may not be much different than what you already have. Some lenders are doing streamlined refinances where the costs are lower - you may want to check with your bank to see if there are any options like that.
0 votes Thank Flag Link Fri Dec 4, 2009

Unfortunately, and to the best of knowledge, you can't. Both of yours credit, income and assets were utilized to secure the mortgage note and will require you both to go through a similar refinancing process to properly/legally remove her from the obligation and show that you are now qualified and capable of handling the debt responsibility solely.
0 votes Thank Flag Link Fri Dec 4, 2009
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