Is there a way to remove an ex name from a mortgage?

Is there a way to remove an ex name from a mortgage?

Ask your lender about loan assumption and loan modification. Either strategy can be used to remove an ex’s name from the mortgage. But not all lenders allow assumption or loan modification, so you’ll have to negotiate with yours. If neither is allowed, a refinance may be your best and only bet.

Is it legal to take over a mortgage from an ex spouse?

(And both of your credit scores will take a hit if your payment is late.) The only legal way to take over the loan is to get your ex-spouse’s name off the mortgage. There are four ways to remove an ex-spouse from a mortgage. Some are fairly easy and simple. Others require more work and hassle.

Is it legal to remove your name from a joint mortgage?

The only legal way to take over a joint mortgage is to get your ex’s name off the home loan. The same goes for a co-borrower who no longer wants to be on the line for a mortgage they co-signed. If you find yourself in the position of needing to remove your name or someone else’s from a mortgage, here are your options.

Why is there no GMA file in gmad.exe?

When I drag and drop my addon’s folder onto gmad.exe, it pops up for a split second before closing, and afterward there’s no gma file. I’m pretty sure nothing is wrong with my folder, it’s formatted as instructed and has a json file.

What to do if GMAC is your lender?

My Mortgage Company Filed Bankruptcy (Or, What to do if GMAC is your lender) Sometime during the third or fourth week in May, 1.2 million homeowners went to their mailbox and pulled out a notice that their mortgage company, GMAC Mortgage (“GMAC”), filed for Chapter 11 bankruptcy protection.

What happens when GMAC Mortgage Company files bankruptcy?

The bankruptcy filing won’t affect your interest rate or the amount of your monthly payment. You and GMAC signed a contract agreeing to an interest rate and payment amount when you closed on your mortgage.

Ask your lender about loan assumption and loan modification. Either strategy can be used to remove an ex’s name from the mortgage. But not all lenders allow assumption or loan modification, so you’ll have to negotiate with yours. If neither is allowed, a refinance may be your best and only bet.

Why did GMAC want to foreclose on my house?

GMAC, one of the nation’s largest mortgage servicers, faced a quandary last summer. It wanted to foreclose on a New York City homeowner but lacked the crucial paperwork needed to seize the property. GMAC has a standard solution to such problems, which arise frequently in the post-bubble economy.

(And both of your credit scores will take a hit if your payment is late.) The only legal way to take over the loan is to get your ex-spouse’s name off the mortgage. There are four ways to remove an ex-spouse from a mortgage. Some are fairly easy and simple. Others require more work and hassle.

Can a ex husband and ex wife refinance a house?

If you have sufficient equity, credit and income, and your ex-husband or ex-wife agrees to give you the house, you should be able to refinance. However, many lenders will want you to prove that you can make mortgage payments by yourself. That’s where the labor comes in.

What happens when your spouse’s name is taken off a mortgage?

But to a lender, you’re both still on the hook for loan repayment until your spouse’s name or co-borrower’s name has been taken off the mortgage and deed. As far as lenders are concerned, both people remain “jointly and severally” liable for the loan.

But to a lender, you’re both still on the hook for loan repayment until your spouse’s name or co-borrower’s name has been taken off the mortgage and deed. As far as lenders are concerned, both people remain “jointly and severally” liable for the loan.

Can a ex have a share of my house?

A No, your ex cannot claim a share of your home, and that’s not just because he hasn’t helped pay the mortgage for the past 13 months. According to Vicki McLynn, an expert in family law at Manchester-based solicitors Pannone LLP, your ex would need to show that you had intended him to have an interest in your…

The only legal way to take over a joint mortgage is to get your ex’s name off the home loan. The same goes for a co-borrower who no longer wants to be on the line for a mortgage they co-signed. If you find yourself in the position of needing to remove your name or someone else’s from a mortgage, here are your options.

What happens if one partner takes his name off a home loan?

If one partner takes his or her name off the loan, in some states and with some banks, the remaining partner can retain the existing loan in his or her own name even after a buyout. (With some loans the selling partner can even be absolved of any further liability.)

Who was the boyfriend who paid the mortgage?

It was Jones who paid the £6,000 deposit on the £30,000 semi-detached bungalow she bought with her then-boyfriend, ice cream salesman Leonard Kernott, in 1985. She paid the mortgage for their eight years together whilst he paid £100-a-week “expenses”.

Is the mortgage still in my ex spouse’s name?

My ex-spouse agreed to remove all debts from my name at dissolution, specifically a home in which both of our names are listed on the mortgage. I signed the quitclaim deed at dissolution. Ex-spouse has been unable to get the loan refinanced and this debt is still in my name.

Can a spouse remove their name from a joint mortgage loan?

People often want to remove the name of an ex-spouse from a joint mortgage loan, pursuant to their divorce decree. If this is the case, some lenders will require proof of a properly executed divorce decree in order to process the assumption.

Can a divorce decree remove a name from a mortgage?

Provide your lender with your divorce decree, if applicable. People often want to remove the name of an ex-spouse from a joint mortgage loan, pursuant to their divorce decree. If this is the case, some lenders will require proof of a properly executed divorce decree in order to process the assumption.

Why is it difficult to remove a name from a mortgage?

Since your lender holds the mortgage to the home, the lender wants to be able to hold both borrowers responsible if payments are not made. Therefore, a lender may be reluctant to remove one borrower’s name from the loan.

Can You Put Your Girlfriend’s name on the House?

You can change this AFTER you are married, IF you get married. You can have a separate agreement with your girlfriend that you will put her name on the house if you should get married, but DO NOT put her name on the deed now. * This will flag comments for moderators to take action.

If one partner takes his or her name off the loan, in some states and with some banks, the remaining partner can retain the existing loan in his or her own name even after a buyout. (With some loans the selling partner can even be absolved of any further liability.)

Is it legal to have both names on the deed to a house?

Remember that in just about every state, having both names on the deed to the house creates a legal presumption that you are 50-50 owners, and anyone claiming a different percentage has to prove the existence of an agreement saying so (often in writing).

You can change this AFTER you are married, IF you get married. You can have a separate agreement with your girlfriend that you will put her name on the house if you should get married, but DO NOT put her name on the deed now. * This will flag comments for moderators to take action.

Can a ex partner stay on a mortgage?

Some lenders will allow you to stay on a mortgage but not on the title deeds. This may be suitable in certain situations. Your ex-partner will almost certainly require your consent to remove you from the title deeds and/or mortgage.

Can a name be removed from a joint mortgage?

No lender would allow a name to be removed from the mortgage without that name being removed from the house deeds as well. If they did allow it they would finish up with an 80% mortgage, say, and only have security of 50% of the house. That would be a non-starter. However the various posters are really after the one name removed from both.

Some lenders will allow you to stay on a mortgage but not on the title deeds. This may be suitable in certain situations. Your ex-partner will almost certainly require your consent to remove you from the title deeds and/or mortgage.

Can a borrower’s name be removed from a loan?

Therefore, a lender may be reluctant to remove one borrower’s name from the loan. While this process, commonly referred to as an assumption or a novation, is not common, some lenders do allow it with respect to certain types of mortgage loans. For instance, FHA and VA loans commonly have provisions that allow assumptions.