QUESTION
My ex girlfriend won't take me off the mortgage even after I signed the quickdeed
Asked on Jan 03rd, 2017 on Real Estate - California
More details to this question:
I am now married and cannot qualify to get a house with my wife due to my ex not removing me from the mortgage. This is causing a lot of issues between me and my spouse since we are now expecting and need more space but can't qualify due to debt and income ratio. I even thought of filing bankruptcy just to get of it. Please help!
2 ANSWERS
Under California's anti-deficiency laws, if the owner stops making the loan payments, the lender forecloses, and property is sold for less than what is owed on the loan, the lender cannot sue the borrower for the shortfall. It cannot sue for the deficiency.
Therefore, the fact that you are named as one of the borrowers on the loan does not mean that the lender can sue you for the loan. Home loans in California are non-recourse loans.
A good mortgage broker should be able to find a lender who will take this into account and not penalize you for a loan on a home which you no longer own.
Dana Sack
Answered on Jan 08th, 2017 at 1:27 PM
2 Awards
Was there some sort of an agreement where your ex agreed to get your name off of the mortgage? A mortgage company will not typically release the obligation of one of the borrowers from a loan even if the other borrower wants it to be done. The usual way to handle this type of situation is by refinancing the loan solely in the name of the borrower who is staying in the home. Happy to discuss with you.
Jon
Answered on Jan 04th, 2017 at 5:12 PM