How can I get out of a mortgage?

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How can I get out of a mortgage?

Two people buy a house. Both are on the mortgage and deed. One person moves out, pays nothing for the expense of the house. Refuses to sign off. The person that stays can’t do anything with the house without the other person agreeing to sign paperwork. The person that stays pays for everything taxes upkeep mortgage utilities, etc. I have owned the home for 14 years; the other party moved out 11 years ago and I am still here paying 5 7/8% on the mortgage. If I sign a quick claim deed and just give the house to the other party so that I can move on will it ruin my credit

Asked on July 15, 2019 under Real Estate Law, Pennsylvania

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

You can't get out of the mortgage without paying it off or having someone (e.g. your co-owner) refinance solely in his/her name. The morgage is a contract between on the one-hand, the borrowers (you and and your co-owner) and on the other hand, then lender. As with any contract, it cannot be changed or modified, including to remove someone, without the consent or agreement of all parties to the contract/mortgage: i.e. your co-owner and the lender would both have to *voluntarily* agree to release you from the mortgage. And it is very unlikely that they would do this: for example, releasing you hurts the lender, by reducing the people it can seek payment from, without giving it any advantages  or benefits whatsoever. Even if you were to quitclaim your interest in the property, you will remain liable on the mortgage.


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