How to Remove a Name from a Mortgage Without Refinancing

How to Remove a Name from a Mortgage Without Refinancing. President Kenyatta launches Kenya Mortgage Refinancing Company

How to Remove a Name from a Mortgage Without Refinancing video duration 4 Minute(s) 6 Second(s), published by How To DIY on 03 04 2019 - 15:38:25.

How to Remove a Name from a Mortgage Without Refinancing If you want to remove a name from a joint mortgage loan, whether it is your name or the name of http://www.MarkFidgett.com Vancouver mortgage broker Mark Fidgett explains second mortgage lending in Vancouver
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How to Remove a Name from a Mortgage Without Refinancing
\rIf you want to remove a name from a joint mortgage loan, whether it is your name or the name of your co-borrower, it is possible to do so without refinancing. This situation might occur if a relationship breaks up or a living situation changes. However, each option has its downside and may not be successful.
\rGetting the Lender to Agree to Remove a Name From a Joint Mortgage Contact your lender.
\r Removing a name from a joint mortgage is not a typical request, so it is best that you contact your lender in person or by telephone rather than by email.Since your lender holds the mortgage to the home, the lender wants to be able to hold both borrowers responsible if payments are not made. Therefore, a lender may be reluctant to remove one borrowers name from the loan. While this process, commonly referred to as an assumption or a novation, is not common, some lenders do allow it with respect to certain types of mortgage loans. For instance, FHA and VA loans commonly have provisions that allow assumptions. Provide your lender with your personal financial information.
\r This financial documentation must show that you have the ability to be responsible for the mortgage loan. For instance, you should provide your lender with your recent income tax returns, pay stubs, and bank statements. You have to prove to the bank that you have the money to make the mortgage payments every month on your own. Use your credit report.
\r Your credit report is a good source of proof of your ability to make the mortgage payments. Your lender always considers a person’s credit history in evaluating his or her eligibility for a loan. Credit history also can affect other factors about your mortgage loan, such as the interest rate. This information will help the bank decide if you are eligible for a mortgage loan on your own. Provide your lender with your divorce decree, if applicable.
\r People often want to remove the name of If you want to remove a name from a joint mortgage loan, whether it is your name or the name of your co-borrower, it is possible to do so without refinancing. This situation might occur if a relationship breaks up or a living situation changes. However, each option has its downside and may not be successful.
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