Help! My first is a Va, 2nd held by a loan servicer, I NEED to take ex's name off both mortgage! How can I do it?
To elaborate.... I live in Colorado, I owe about 158K on first and 22K on 2nd. House is worth about $175K-$180K. 2nd mortgage holder refuses to take my ex's name off mortgage! First mortgage holder will let me assume the loan but wont let me combine. He insists I assume both loans NOW. I have never defaulted and have great credit which seems to be a hindrance. What the heck can I do? by Britishjan504 from , . Jul 20th 2013
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
More info is needed, but it doesn't seem as if you will have an option as you are at 100% LTV.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Your combined loan-to-value - what you own on both mortgages as a percentage of what the house is worth appears to be about 100% of today value. No lender would actually give you that loan today, so I assume that you - just like millions of other people across the country have lost a bit of value on your home. So, simply pit, the second mortgage lender is under no obligation to do anything, and they like the fact there are two obligated people versus just one.
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