QUESTION
How do I get my name off a mortgage so it stops messing with my credit?
Asked on Mar 27th, 2013 on Bankruptcy - Arizona
More details to this question:
I bought a home 10 years ago and let a family member move in. They pay the mortgage there but have been behind so many times it's ruining my credit.
5 ANSWERS
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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Sell the property to your family member and have them remortgage it. If they cannot get a mortgage, sell it and pay off the mortgage.
Answered on Mar 29th, 2013 at 5:13 AM
Debt Collection Attorney serving Chicago, IL
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Edelman, Combs, Latturner & Goodwin, LLC
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If you signed the note and mortgage, the only way you can get out of the obligation/ credit reporting is (a) if the lender consents to the new person taking over or (b) they find a loan. Neither is likely. The credit reporting continues on your report for up to 7 years after the obligation ceases.
Answered on Mar 27th, 2013 at 2:45 PM
See if the bank will voluntarily take you off. If they don't the remaining borrowers need to refinance. If they are not agreeable you can sell the property either with the your co-owners consent or if they don't consent, through a partition action through the Court.
Answered on Mar 27th, 2013 at 1:29 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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There is no way, and in fact what you did is most probably in violation of the terms of the mortgage. It is your debt and the best thing for your credit rating is for you to pay your debt timely and you collect from the deadbeats that you allowed to move in.
Answered on Mar 27th, 2013 at 1:29 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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The only way is to either pay off the debt or refinance and not put your name on the new debt.
Answered on Mar 27th, 2013 at 1:10 PM