QUESTION:

removing a name from morgage

How can my daughter get her name off the morgage since her husband and her have been divorced for 3 years and it is giving her a low credit score because he doesn't pay on time. If you can't help me to help her can you point me into the right direction, any help would be much appriciated. thank you for your time
asked by deb, 11/3/2011
Categories: Debt and Mortgages
ANSWERS:
Answered by: NewRetirement Editor San Franscisco, 11/03/11
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Typically there are four options to for removing a person liability from a mortgage:

1) Refinance the loan and remove the person during the refinance.
2) Sell the property, and payoff the loan.
3) File for bankruptcy.
4) Negotiate a strategic default, but all parties on the mortgage will be responsible for any unpaid balance.

She may want to call the lending institution and review the situation with them and discuss alternatives. She may also want to discuss this with a fee only financial advisor or a local real estate lawyer.



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