How can I get my mortgage in my name only?

UPDATED: Oct 13, 2011

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How can I get my mortgage in my name only?

Awarded home in divorce judgment; multiple attempts to refinance and assume the loan; upside down but have always been current with payments.

Asked on October 13, 2011 under Real Estate Law, California


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Unfortunately so long as you owe more money on your home than what it is currently worth you will have a virtually impossible time to being able to refinance it so as to have the new loan solely in your own name.

Most (if not all lending instituions) will not voluntarily take a borrower's name off of a given loan if the loan is not retired either through the sale of the property or the loan's refinance.

If you cannot refinance the property, the only way you will be able to get the loan in your name is to have the property appreciate or you pay down the loan below what the home's present fair market value would be.

Good luck.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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