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My name is on a loan but not on the title. Need Help!!

My name is on a mortgage loan but not on the title. If refinance is not an option, what other options do I have to remove my name and financial obligation from the loan? Can I force sell the property?

  • July 10 2013 - Santa Clara
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Answers (5)

I do HARP California which may help with the refinance for underwater.  There may also be an option to refinance out of your name if the title and payments were made by someone else.  
  • July 11 2013
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Profile picture for sunnyview
If this property was involved in a divorce, you may be able to require her to try to refinance or to sell to remove your name, but you would have to go back to court to do that. You can look up the property to see if it is Freddie or Fannie owned. HARP 2 is a useful program for a low cost or free refi if your ex qualifies.

Right now you're in limbo. You are on the if she doesn't pay with all the liability and none of the benefits of "ownership". I think you may want to seek some legal advice.
  • July 11 2013
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If the loan is not Fannie Mae or Freddie Mac, is it a VA loan or an FHA loan? Both of these loan programs offer a refinance option for properties that are underwater.

Also, I do most of business in the state of California (assuming that is where you are) and values are starting to rebound. How close is your estimated value as opposed to what you owe now?
  • July 11 2013
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Profile picture for user9864100

(My reply to Robert's comment)
In 2007, I bought a condo with ex-wife in Santa Clara, and then divorced soon after.  At the time of divorce, the condo property value was to low to refinance. Without other option (or perhaps doesn't know any better), I moved out.

  agreed to keep up with mortgage payment and will refinance when possible.  She also made me sign a title transfer to her name only to ensure that in case the loan is paid off later, I won't be able to claim ownership.

 I have been following-up with her by email and her response has been property value is still too low to refi. I told her about Harp 2.0, and she said the property does not qualify since it's not covered by either Fannie Mae or Freddie Mac.

  • July 11 2013
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Tell us more about how you got into this situation. Did you carry the note for someone?
  • July 10 2013
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