How can I get my name off of a bussiness mortgage for a business that I am no longer involved with?

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How can I get my name off of a bussiness mortgage for a business that I am no longer involved with?

I went in to a partnership bussiness with my mom and her husband. It was a restaurant. Due to a falling out with them, I left the business. It’s been 8 months have and I want my name taken off the deeds and mortgage. The business is still continuing without me and it does not provide me with anything. As the business is paying morgage. the only reason my name went on the mortgage was because they were seen as being to old to apply. I had askwd a few months ago for them to sign me off and they refused, so now without getting nasty I would like this to happen now.

Asked on February 6, 2017 under Real Estate Law, Alaska

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Since refinancing may not be a vialbe option, you could try what is known as a "novation". What this entails is asking the lender to remove your name from the mortgage. As a general rule, this is hard to obtain but you could give it a try. A novation could be accomplished by showing that your mother and stepfather have paid the mortgage for a period of time generally (8-12 months), then since they current, had no late payments, and can prove that were the only ones paying the mortgage, the lender may allow you to remove your name. Also, you may be able to obtain a novation if your parents "buy" your release by making a substantial payment to reduce the mortgage balance. Obviously this would all require your parent's cooperation.


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