How can I get off of a home loan?

Asked by Kennyy, Fort Wayne, IN Mon Jun 2, 2008

My girlfriend lived with a guy and they bought a house together and did a 50/50 sign on the loan, they are not together now and he still lives in the house. Is there any way to get her off the loan without him having 20% down on it already? He is late making the payments most of the time, so any advice would be greatly appreciated.

Help the community by answering this question:

+ web reference
Web reference:

Answers

3
Tony Grego’s answer
Tony Grego, , Indianapolis, IN
Mon Jun 2, 2008
Good question but options are limited. Even though they have split up in the eyes of the bank they are still responsible for making payments on time.

The only way to remove would be for the ex-to refiance in his own name. Now I know you say the payments are late if he can doucment his income and has a good reason for late payments he may be able to qualify for FHA.

Either way each month he pays late effects your girlfriends credit and with guidelines getting tighter and tighter she is headed for trouble down the road.

Let me know if I can be of any more help

Tony
0 votes
Debt Free Da…, , 85260
Mon Jun 2, 2008
The only way is to refi out of the loan. The lender just wants to protect their position.
Web Reference:  http://getprequalified.com
0 votes
Adam Ross, Agent, Fort Wayne, IN
Mon Jun 2, 2008
Speak to a lender and see what they can do to help refi the home. To answer your question there are 100% loans that are out there that he might qualify. That is the only way to get rid of her responsibility on the note. Good luck!
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more