Is there a way to get my name off of a mortgage?

UPDATED: Sep 30, 2022

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Is there a way to get my name off of a mortgage?

I have a rental property that is in my name personally on the mortgage. I moved
it to an LLC. I am wanting to have the LLC personally guarantee to take over the
mortgage. Is there a way legally to remove my name from the mortgage? I owe
about 56K on the property.

Asked on January 26, 2017 under Real Estate Law, Ohio


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

There are only two ways to remove yourself from the mortgage and have the LLC take it over:
1) With the written consent and agreement of lender, which, however, they may withhold at will, for any reason or no reason (e.g. they just don't want to do it). Since the lender is unlikely to allow a person to be replaced by an LLC, since an LLC is generally a less-safe borrower (e.g. it can cease operations or shut down to escape liability, which a human being cannot do), while you can ask them about this, they are unlikely to comply.
2) By having LLC take out a new mortgage which will be used to pay off the old one, leaving just the mortgage in place. If you can find a lender willing to grant the LLC a mortgage without also requiring you to personally guaranty it (since if you have to personally guaranty the obligation, that defeats the purpose of removing yourself from it), you can do this.

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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