if the loan is in mine and my gf name then we split up and i change the mortgage into my name only. Does the loan have to be repayed. If not what happens?
if the loan is in mine and my gf name then we split up and i change the mortgage into my name only. Does the loan have to be repayed. If not what happens?
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Almost 100% of the time, the bank will want you to refinance it in your name only pay off the joint loan and have a solo loan; and remove her from the deed as well if she is on it.
It is extremely likely that you will need to refinance the loan in your name only. If both of your incomes and/or credit scores were required to initially qualify for the loan, there is a chance that you will not be able to refiance the loan in your name, unless your income/credit score has gone up sufficiently.
If you cannot refinance the loan in your name only, then your GF will be on the hook for the loan. If she is also on the title of the loan, she could force you to sell by demanding her equity out of the home.
In the future, if you buy a home with someone you are not married to, it is highly recommended that you sign a partnership agreement spelling out what happens if one of you wants to move out, sell, becomes disabled, loses their job, or dies. An exit strategy for getting out of the home and the financial obligation should be spelled out in advance, or it has the potential to turn an already bad sitution even worse.
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