I want to get my name off a mortgage

[donkort]

What is the name of your state (only U.S. law)? NY

If I get separated or divorced, and I'm willing to get my name off a mortgage (thus benfitting my partner), how do I go about getting my name off?

Thanks for any responses.

 

[Antigone*]

What is the name of your state (only U.S. law)? NY

If I get separated or divorced, and I'm willing to get my name off a mortgage (thus benfitting my partner), how do I go about getting my name off?

Thanks for any responses.

Your partner needs to refinance the debt.

 

[mistoffolees]

Your partner needs to refinance the debt.

Not always. In some cases, the bank will simply remove one name upon request and a modest fee.

I don't know what the requirements are and they probably depend on the bank, but in our case, I was the sole breadwinner when we applied for the mortgage and during almost the entire time we were married. My income was easily sufficient to make the payments, the title had been transferred to my name, and the home equity was approaching 50% of the home value, so the bank offered to remove my ex's name for $150.

Admittedly, I doubt if that's very common, but depending on the situation, it could apply.

 

[Antigone*]

Not always. In some cases, the bank will simply remove one name upon request and a modest fee.

I don't know what the requirements are and they probably depend on the bank, but in our case, I was the sole breadwinner when we applied for the mortgage and during almost the entire time we were married. My income was easily sufficient to make the payments, the title had been transferred to my name, and the home equity was approaching 50% of the home value, so the bank offered to remove my ex's name for $150.

Admittedly, I doubt if that's very common, but depending on the situation, it could apply.

You must have been a very strong borrower. We'd never consider removing a guarantor these days that way, I do however work for a very conservative FI.

 

[donkort]

In truth, my wife was the strong borrower; she provided the money. She just needed my name on the mortgage because our combined income provided us with a stronger file (our middle credit score was just over 700).

Once we close, the equity would be just over 50% of the mortgage. It's fair for her to benefit fully from the equity legally (not just morally)

I just believe we have fundamentals differences: she wants to live the "suburban" life, I want to pursue more "aesthetic" sort of goals (while making a living, not being a "bohemian" freeloader).

 

[Antigone*]

In truth, my wife was the strong borrower; she provided the money. She just needed my name on the mortgage because our combined income provided us with a stronger file (our middle credit score was just over 700).

Once we close, the equity would be just over 50% of the mortgage. It's fair for her to benefit fully from the equity legally (not just morally)

I just believe we have fundamentals differences: she wants to live the "suburban" life, I want to pursue more "aesthetic" sort of goals (while making a living, not being a "bohemian" freeloader).

If that is the case, then she might be able to refinance the mortgage ~ she'll have to see. Take care.

 

[donkort]

Thank you for your responses.