Remove name from mortgage...

[Anonymous]

I foolishly refinanced my name onto a mortgage with my long time boyfriend at the time.  Shortly thereafter we went our separate ways and he was unable to refinance the mortgage into his own name due to income and job history verification requirement (he hadn't been in his job 2 years yet).  He has since met that requirement and I spoke with the lender to see what was available.  Right now our options are assumption or refinance.  Are there any other options I should speak to the lender about that would allow us to possibly remove my name without going through a full refi or assumption process?  He is telling me now that he doesn't think that he would qualify for a full refi or assumption due to DSI and credit score.  I'm just looking for any advice anyone has as I would like to get this out of my name.  He is not wanting to sell the property otherwise I would have considered that already. 

Thank you for your help!!

[Anonymous]

No assumption and refi are the only ways and if his DTI and credit are questionable refi is probably his only chance.  Banks do not usually let some one off the lona with an assumption unless they meet pretty high standards from my experience.  That is becuase they are laready taking extended risk by removing a reponsible party.  SO if you have strong credit and income, they are going to be oppossed to allowing an assumption just to your ex if his finances are weak.  With a refi, he can shop around and maybe find someone who will accept his credit file and DTI amounts.  We would need to know more to give any further advice.

[Anonymous]

I can't vouch for the reality of his financial situation since I haven't been with him for quite some time, but he has been able to make the mortgage payment on his own for over a year now so I'm not sure if they would consider that part of his stability.  I know the mortgage servicing manager that I spoke with seemed to believe that they have a streamline refinance that might work.  From my experience in the banking industry it just seems to be a less involved refinance since the loan is already with them.  I have yet to speak with my loan officer to see what is required but I am definitely inquiring about that very soon.  I just didn't know if there was any other process that I could investigate. 

The only reason I had to be put on the loan was because he had not been able to prove his new higher income for at least 2 years-- from what I remember anyway. 

[Anonymous]

Streamline refo is a refi, that is alot easier for approval.  I am not sure if you could do a streamline refi while changing the people on the initial loan or not.  Really without more info on the ex it is hard to give any real advice except that in this climate, banks are going to be hesitant to let anyone off the hook through a assumption unless their loan is as secure or more secure than it was initially.  That does not sound like the case here.  Assumptions are tougher credit wise than a refi (at least if you fall within FHA limits)  If you can do a streamline while removing your name, that might be a good option, I am just not sure you can or not.  Good luck with it.

[Anonymous]

I should point out that by easier for approval, I mean simpler paerwork wise. You still have to meet all of the minimum requirements.

[DallasLoanGuy]

you cannot remove borrowers by during a streamline refi

[ShanetheMortgageMan]

There is also something called a "Novation Agreement", but it's similar to an assumption where the remaining borrower needs to qualify for the mortgage on their own.  Just be thankful that the payments are being made on time so your credit isn't taking a nosedive, and I recommend you keep in contact with your ex-boyfriend to make sure the payments continue to be made on time.  Hopefully at some point he'll be able to refinance/assume the mortgage solely in his name, or the home can be sold/mortgage paid off that way.