My brother and girlfriend have just split up and they cant sell the house due to the fee and the value of the house is much less than the originally paid for it. He wants to add me to the mortgage and take his girlfriend off (she consents) but will they perform a credit check? My credit is not brilliant, but will be able to afford my half of the mortgage as I earn more than my brothers girlfriend
Yes they will perform a credit check.
They will also revalue the house and if it is in negative equity (which it appears it is) they will not allow you to borrow more than the house is worth now.
September 7th, 2010 at 5:44 pm
Yes, as it’s for credit a credit check will be undertaken.
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September 7th, 2010 at 6:08 pm
Yes they will perform a credit check.
They will also revalue the house and if it is in negative equity (which it appears it is) they will not allow you to borrow more than the house is worth now.
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September 7th, 2010 at 6:36 pm
The mortgage company is never going to take his girlfriend off the note. She can sign a quick claim deed, transferring ownership to you, or anyone she wants, but she will never get permission to be taken off. It’s just not done. Not even in divorces. For you to get involved, financially is a moot point. If you want to help out, just have the girl friend add you to the deed, and start making payments, or helping.
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I was on a house note with my ex wife. I was not taken off until the house sold, even though I did not live there anymore. The judge gave her the house, I signed papers, but the mortgage company said "Too bad" and kept my on the hook, until it was sold. Nothing I could do.
September 7th, 2010 at 7:15 pm
This will not happen. You cannot be added to a mortgage and the girlfriend will not be taken off the mortgage. The only way to change anything is to refinance the mortgage.
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September 7th, 2010 at 7:25 pm
Your brother doesn’t have the authority to do either; only the lender does. I seriously doubt that the lender will allow it.
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September 7th, 2010 at 8:07 pm
When my wife and her ex-husband were divorced, he had to file a quit-claim deed. She then had to re-finance the house soley in her name. Fortunately, she qualified. When we were married, we decided to keep the house because of the location. All that was required to add me to the mortgage was a simple assumption. Now this was because we were married. Since it’s a family member, you may or may not be able to do this. I would call your lender and ask these questions. Like others have said, with the down turn in the market you would be hard pressed to re-fi if the home value is low. If anything maybe you can borrow the negative equity from a family member and pay them back along with your mortgage.
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September 7th, 2010 at 8:41 pm
They will do a credit check. The mortgage company may add you to the mortgage if you meet their credit requirements. They surely won’t take the GF off. Adding more people to the mortgage gives the mortgage company more people they can sue to collect on the debt. The only way to remove everyone from the mortgage is to sell the house (short sale) and/or get it refinanced.
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