removing name from mortgage after quit claim signed

UPDATED: Oct 1, 2022

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removing name from mortgage after quit claim signed

A partner and I bought a couple condos prior to the housing bust in 2008. A couple years later, on one condo, we agreed he would take over. He gave me my full investment back roughly 40K and had me sign a ‘quit claim’ form. He still owns the condo today and my name is still on the mortgage. What are my options to remove my name from this mortgage?

Asked on August 30, 2017 under Real Estate Law, Florida


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

You can only remove your name from the mortgage if the bank/lender allows you to, which typically requires the mortgage to be paid in full, or refinanced (voluntarily; you cannot force someone to refinance) in your partner's name only. The mortgage was a contract among you, your partner and the lender; a contractor may only be modified, including to remove one of the parties to it, with the consent of *all* parties. Changes in ownership of the property do *not* affect the mortgage, so the quitclaim does not alter anything. And the lender is very unlikely to simply consent to allow you off (which is why you have to pay the mortgage or refinance it), because there is no advantage to the lender in doing so: all letting your off the mortgage does, from the lender's point of view, is deprive it of a person obligated to pay, and whom it can sue if necessary.

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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