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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Lenders aren't disposed to reduce the # of responsible parties. Posted by Ward-CA- on December 31, 2001 at 8:19 PM In Reply to: please help me posted by DanChamberlin on December 31, 2001 at 5:52 PM : if two peoples name are on a mortgage, can one of the two names be removed without having to refinance? Almost like a divorce case but with two different last names? She does not want responsibility of the house anymore. Any info would be great. she will quit title deed to me but wants to be removed alltogether loan and all. Simple question, I just do not have an answer. =•=•=•=•=•=•=•=•=•=•=•= Dan, the simple answer to your simple question is probably not. The lender bargained, at the time the loan was made, that they would have two people responsible for the repayment of their loan. And so why would they be motivated to agree to a subsequent change that would reduce the number of parties responsible for their loan to just one person? The fact that “she” doesn’t want to shoulder the responsibility for the house anymore would alarm the lender that “she” fears an imminent breakup of the payors on their loan and wants to avoid any future credit problems as a consequence. It doesn’t matter one whit whether “she” is or is not on title to the property at this juncture either. “She” won’t be able to shuck her responsibility for the loan payment just because she elected to deed her interest away to someone else. Follow Ups: .Two names Deed one name Mortgage Dawn Herrick 8:03 PM, 08/09/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : if two peoples name are on a mortgage, can one of the two names be removed without having to refinance? Almost like a divorce case but with two different last names? She does not want responsibility of the house anymore. Any info would be great. she will quit title deed to me but wants to be removed alltogether loan and all. Simple question, I just do not have an answer. : =•=•=•=•=•=•=•=•=•=•=•= : Dan, the simple answer to your simple question is probably not. The lender bargained, at the time the loan was made, that they would have two people responsible for the repayment of their loan. And so why would they be motivated to agree to a subsequent change that would reduce the number of parties responsible for their loan to just one person? The fact that “she” doesn’t want to shoulder the responsibility for the house anymore would alarm the lender that “she” fears an imminent breakup of the payors on their loan and wants to avoid any future credit problems as a consequence. : It doesn’t matter one whit whether “she” is or is not on title to the property at this juncture either. “She” won’t be able to shuck her responsibility for the loan payment just because she elected to deed her interest away to someone else. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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