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Getting Off the Mortgage |
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i bought a condo with a friend of mine a couple years ago. he was recently engaged and would like his fiancee to move in with him. this is not a problem because we had talked about it when we purchased the property. the plan is for the 2 of them to take over the payments, but i'm not quite sure how this is supposed to work. i know they cannot afford to refinance, but i would want my name removed from the home because i'd no longer be living there and not paying on it. any advice? |
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Sometimes the lender will agree to take your name off the debt if your co-borrower can prove he's financially qualified to carry the payments on his own. But if you say they couldn't qualify for a refinance, I don't know if that's possible. And if they couldn't afford to refinance, what makes you think they can handle the current mortgage? If they can't, you know you could be help responsible for the entire debt...
At any rate, it's best to consult your lender to see what's possible. |
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Edith
Originally published on January 9, 2008 |
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