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Question: Taking name off mortgage with brother?

(Posted by: James C on 2010-09-06 12:09:30)

So, the sitch is that my brother got a mortgage with his best friend, but his best friend turned out to be a p*ssy- whipped douchebag, and wanted out the mortgage. Going on close to two years ago we replaced his name on the mortgage with mine, as that was the only thing that would satisfy the bank, but now I want my name off the mortgage. Can anyone be so kind as to give me a general idea of what this process may entail? Thank you!

Posted by: Landlord on 2010-09-06, 12:20:29

The bank just switched names? That is the weirdest thing I have heard today. Since it is a very weird bank call them up and ask them what to do. They are not operating normally so we can't determine what weird idea they might have.

Posted by: Rick B on 2010-09-06, 12:12:54

There is likely no way to do that with the existing mortgage. You either have to pay it off, or your brother has to get a new mortgage in his name only.

Posted by: Caveat Emptor on 2010-09-06, 12:15:06

The process will entail your brother refinancing into a new loan in his name alone. "Wanting off the loan " doesn't make it possible to do just by requesting it.

Posted by: Kevin Williams on 2010-09-06, 13:00:45

Check to see if the loan is a FHA or Fannie Mae mortgage. If it is there's a mortgage product called Streamline. As long as the income for your brother fits the guidelines its an easy refi and the terms may improve. Rates, mortgage payments will be better and fees will be minimal. FHA also has a program which allows you to purchase a primary residence as well as remain a cosignor on your brother's loan. If your reason for being removed from his mortgage is because you intend to purchase a property you can discuss this option with your Broker. Refinancing the property is the best option available to you at the moment.