Q & A - We Broke Up, How do I get him off my Loan?
We broke up, and now I want him off my loan! How do we accomplish this?
It is not that easy. You should call your current lender and see if they can do something in-house for you. You may need to prove to the lender you can qualify for the mortgage without his income. The option to refinance could be the only option, which will require closing costs. Your current lender actually may be able to do something in-house, and only have a new appraisal done.
Not being a lender, I can direct you in the right direction. Something else you need to think about - if you have to sell and have not owned it for 2 full years, you may want to contact your tax professional and ask about capital gains. They may be able to use the "break up" as a good reason and not have to pay these gains. At any rate, talk with the professionals - lending and accounting to see what your best options may be for your situation.
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