How can I get my mortgage in my name only?
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How can I get my mortgage in my name only?
Awarded home in divorce judgment; multiple attempts to refinance and assume the loan; upside down but have always been current with payments.
Asked on October 13, 2011 under Real Estate Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Unfortunately so long as you owe more money on your home than what it is currently worth you will have a virtually impossible time to being able to refinance it so as to have the new loan solely in your own name.
Most (if not all lending instituions) will not voluntarily take a borrower's name off of a given loan if the loan is not retired either through the sale of the property or the loan's refinance.
If you cannot refinance the property, the only way you will be able to get the loan in your name is to have the property appreciate or you pay down the loan below what the home's present fair market value would be.
Good luck.
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