How do I get out of a home loan with the other person whom is on the Deed only

Get Legal Help Today

 Secured with SHA-256 Encryption

How do I get out of a home loan with the other person whom is on the Deed only

Me and my x-friend bought a home and my x-friend is on the deed only and the loan is in mine and there name. I make the payment they can’t afford it. I am married now and no longer live there. I want to do things right, What is the best way to get out of this situation? and no longer pay this payment as well get out of the loan. Thank you

Asked on July 21, 2016 under Real Estate Law, Pennsylvania

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

You can't get off the loan unless the home is sold or unless your friend voluntarily refinances in his name only. The problem is, the loan is a contract, and a party to a contract can only be released from her obligations under the loan if EVERY other party to the contract (or loan) agrees to release them. That means that your ex-friend would have to agree to release you, and it's unlikely he will, because that leaves him solely responsible for the loan and payments; and even if he was willing to, the lender won't let you out, because doing so reduces the number of people they can look to, to pay the loan, and therefore increases the chance of default.


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 AttorneyPages.com 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.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption