is there a legal way to get a co owner off the mortgage legally and finacially?

Get Legal Help Today

 Secured with SHA-256 Encryption

is there a legal way to get a co owner off the mortgage legally and finacially?

Asked on May 19, 2009 under Real Estate Law, Rhode Island

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

The simplest way, of course, would be to refinance in just one person's name.  Sometimes, a lender will agree to do release one of the borrowers without refinancing, although lenders often ask for a payment to reduce the balance on the loan as a condition -- and that payment is usually in five figures or more.

In either case, the person going off the mortgage will also probably have to get off the deed, and give up any interest in the property as an owner, and the person who refinances or stays on the existing mortgage will have to do a new, current mortgage application to show what his or her present financial condition is.

For the details of how this might work in your state, you should talk to a real estate lawyer in your area.  One place to look for experienced counsel is our website, http://attorneypages.com


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