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Amanda Peterson
3 months ago
My fiancé and I split. We own a home together, FHA loan. Tried to transfer the mortgage and he qualifies for everything, except credit score (he makes $200k/yr no problem paying the mortgage in fact I've never paid a dime on the mortgage). He is being malicious and down right evil threatening that I have to sign a quick claim or else this or that. I don't want to do that because I'm still on the mortgage which still effects my credit! If his credit wasnt so bad he would refinance, but he can't. Does anybody know if you can have a cosigner with this qualified assumption of a mortgage so then maybe he could get it transferred w/o having to refinance?! i don't care about anything, except getting off of this mortgage ASAP!!!! Please help.
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Joe Wallace
3 months ago
The laws of your state may have a say in how this would proceed. The best advice we can give is that you should seek legal counsel with experience in real estate law in your state who can tell you what your options might be depending on the specific terms of your loan agreement, state law, etc.
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Cindy Gaspard
2 months ago
He would have to qualify for the loan on his own under FHA rules, unless he's able to get a conventional loan. Cosigners arent accepted with FHA unless both signers are using the residence as their primary residence. Also, the cosigner can only have 1 FHA loan at a time, so if that person has another residence and loan, he doesn't qualify. If his cosigner doesn't live with him, then it won't work.

I've been in this situation before. You're a smart lady. You HAVE to get out of this situation without signing a quit claim or else your credit will be ruined if he's late or defaults. It will come back on you and you're still held liable for that loan. Changing the deed does not protect you financially. If you were married, a judge would order that the home be sold if one party cannot or does not want to take over with a new loan. That's just the way it works. You'll be much better off. Split the equity and you u both can find a better place. If he refuses, you'll have to sue him unfortunately. Not sure how it works since you weren't married, but you can't be held hostage forever to a house he's living in. Good luck!
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