Posted by JohnBoy on August 03, 2003 at 21:29:11:
As far as the existing mortgage goes, you can’t. The only way would be if the lender releases you from the mortgage. That ain’t gonna happen. So just have your mother refinance the property in her name and pay off the existing mortgage.
Please help, I need out of this mortgage !!! - Posted by Frank Tomaszewski
Posted by Frank Tomaszewski on August 03, 2003 at 18:44:40:
I live in Ohio and own a house in New Jersey with my mother being a co-signer on the mortgage. I lived in the home before moving to Ohio and now my sister lives there and makes the mortgage payments. I want out of the mortgage responsibility, and my mother wants to refinance the house for my sister. My sister will then assume the mortgage from my mother when she gets approved in the future.
I want to refinance and take out a home equity loan on my house here in Ohio, but do not want the New Jersey home on my credit report.
How can I turn full responsibility of the mortgage over to my mother? She is willing to do whatever is needed.
Thank you in advance for your replies… Frank
Re: Please help, I need out of this mortgage !!! - Posted by Robin Frazier
Posted by Robin Frazier on August 07, 2003 at 05:16:20:
I would get a sighned lease from my sister and use it as income, and write the home off on my taxes. This way it showes on your credit as paid ontime and improves your score. Then when it is paid off you can deed it to your sister. If your sister doesn’t pay, kick her out and get someone that will. Don’t let family get in the way of business. If she leaves on her own, you have been building equity the whole time she was there.