How do I get off a two borrowers mortgage?
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How do I get off a two borrowers mortgage?
My brother and I went in on a mortgage together. The living situation is not working out and now I’m trying to leave but my name is still on the mortgage and he can’t refinance me off or consume the loan on his own so what options do I have when it comes to getting my name off of the loan?
Asked on October 18, 2019 under Real Estate Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
You don't have any options to get off the loan without paying it off, such as by selling the house (see below). The mortgage is a contract; a contract may only be modified, such as to remove a person from it, with the consent or agreement of all parties to it; and there is no reason the lender will agree to let you off the mortgage (even if your brother, whose agreement you would also need, were to agree) since releasing you from the mortgage hurts them--it reduces the number of people who have to pay them and whom they could sue if they are not paid.
You can force the sale of the house, however: that is the law's remedy when the two (or more) owners of real estate cannot agree as to what to do with it. One of the owners can bring a kind of lawsuit called an action "for partition" to get a court order requiring that the property be sold. The proceeds of the sale will go first to the costs of sale, then to the mortgage, then anything left will be divided between the owners. If you want to explore this option, consult with an attorney.
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