If I own a home with someone that I am not married to and they want to take out a home equity loan to pay off the mortgage, will I be removed from the mortgage?

Will I be financially liable any longer? I no longer live in the home and haven’t for 8 years.

Asked on July 31, 2018 under Real Estate Law, New York


M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

Yes, you will be removed from the exisiting mortgage when it is paid off with the new mortgage. You cannot be held liable for something that your name is not on.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

If they refinance only in their own name, paying off the existing mortgage in full and replacing it with a loan that only they, not you, are on, then yes--you will be off the mortgage and no longer liable. The key is, they have to fully pay off the current loan with a new one to which you are not a signatory.

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