My husband and I have a 4 year lease with GMAC. Our payments are extremely high. I'm also in pursuit of becoming a first time homebuyers and my lender pointed out that my debt to income ratio is a bit high at 41%. I've recently lowered all of my revolving credit accounts to zero, paid off all collection accounts (medical), but the hugh monthly lease payment of $689.91 stands out. I called GMAC and asked how I, the co-applicant can go about deleting my name... I was told that by signing a "release of lease obligation" agreement and paying a one time fee of $595, I would be able to delete my name. (I should point out that my husband will not be applying for the home loan)... My questions is~ will taking this action in order to lower my debt to income ratio affect my credit in any negative way???
Any advice will help.
Thank you!
