removing name from mortgage after quit claim signed

A partner and I bought a couple condos prior to the housing bust in 2008. A couple years later, on one condo, we agreed he would take over. He gave me my full investment back roughly 40K and had me sign a ‘quit claim’ form. He still owns the condo today and my name is still on the mortgage. What are my options to remove my name from this mortgage?

Asked on August 30, 2017 under Real Estate Law, Florida


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

You can only remove your name from the mortgage if the bank/lender allows you to, which typically requires the mortgage to be paid in full, or refinanced (voluntarily; you cannot force someone to refinance) in your partner's name only. The mortgage was a contract among you, your partner and the lender; a contractor may only be modified, including to remove one of the parties to it, with the consent of *all* parties. Changes in ownership of the property do *not* affect the mortgage, so the quitclaim does not alter anything. And the lender is very unlikely to simply consent to allow you off (which is why you have to pay the mortgage or refinance it), because there is no advantage to the lender in doing so: all letting your off the mortgage does, from the lender's point of view, is deprive it of a person obligated to pay, and whom it can sue if necessary.

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