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How can i get my name off of an upside down mortgage?

65 years old, married female, upside down in mortgage, afraid I'll be left with a mess if husband passes away first
  • October 04 2013 - Crystal Lake
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Answers (4)

Profile picture for Andrew Malak
Talk to an attorney.
  • October 04 2013
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Either pay it off or refinance or ask the bank to do a deed in lieu or do a short sale if you are sure the value of the property is less than the mortgage. The R E market has changed a lot in the past year. It should continue to get better.
  • October 04 2013
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Profile picture for sunnyview
If you are upside down, the lender will not let you off the mortgage. They want as many responsible parties to collect from as possible. My advice is to see if you can refinance under HARP if you qualify to get the payment as low as possible for the long term or talk to your lender to see if they are willing to make a deal.

Other than that, you can short sale, walk away, do a deed in lieu or allow the bank to foreclose. Not good choices if you want to stay in the house, but all doable unlike taking your name off the underwater house.
  • October 04 2013
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From my understanding, the only ways to come off of a mortgage are if you sell the property or refinance it.  Perhaps a mortgage professional can offer more insight.  

Best wishes from So-Cal and good luck
  • October 04 2013
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