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About Eric Forster
Expertise
Did your last mortgage broker or lender trick you into a messy situation which could cost you your home? I've been close to 30 years in the mortgage industry, and I've seen it all. Believe me, it is not pretty. As the owner of a mortgage company I am called frequently to testify as an expert witness in mortgage fraud cases and other cases where lenders did not fully disclose the terms of the loans they were offering to the borrowers. I have seen fraud being committed by borrowers - and by lenders. It's a tough world out there.

Experience
More than 25 years in loan production and underwriting in Southern California.

Organizations
Mortgage Bankers of America (Southern California Chapter)

Publications
Former columnist for AOL Financial Center and the author of a mortgage primer.

Education/Credentials
MBA (Finance)

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > refinancing home after girlfriend left

Real Estate Home Mortgages - refinancing home after girlfriend left

Expert: Eric Forster - 6/9/2009

Question
QUESTION: I lived in an apartment in Colorado with my girlfriend for a year, decided to buy a house together. After 18 months, she left me with all the bills, but no furniture. I can't afford the mtg on my own. I found out it is a FreddieMac loan, how do I refinance without her name on new papers so I can get a better loan? She won't sign quit claim until I refin.

ANSWER: Brandon,

Once you apply for a new loan in your name only, the lender will open a refinance escrow with either an escrow or a title company. That company will act as an impartial 3rd party, and they will contact your former girlfriend. If for some reason the refinance is cancelled, they are required by law to return the quitclaim deed to her.

Eric

---------- FOLLOW-UP ----------

QUESTION: I called by mtg co. They said since it is FreddieMac, I could only use HARP if I refin. with same borrowers. If I refin. on my own it would cost me $21,000 at closing? Is that right? Thanks for the first response

Answer
Yes, the same borrowers must be on a HARP refi application. HARP loans can go up to 105% of the value of the property. Conventional loans will only go up to 90% of the value, and because of the depressed value of your property it means that you'd have to come with out-of-pocket money to do a non-HARP refi.

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here