What can I do to have my name removed from a mortgage

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What can I do to have my name removed from a mortgage

I have mortgage with another party
how lives in the home but they
fail to make the payments most of
the time and it is effecting my
credit I talked to the mortgage
company about getting my name off
it but they told me I can’t
because of being the primary on
the loan I have not lived in the
home for fourteen years and have
been told I could sell the home
with out the other parties
approval I would like to know what
my options are

Asked on May 8, 2016 under Real Estate Law, Pennsylvania

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

You can't remove you name from the mortgage unless *all* parties to the mortgage (which is a contract) agree to let you off--that means you would need the person who lives in the home (who is on the mortgage) and the lender to both agree to let you out of the mortgage, and they won't. The reason they won't is that it hurts their interests to let you off the mortgage: the other mortgagor would become solely responsible for the debt, which he/she won't want, and the lender will lose a person who is paying the mortgage and whom it can sue if the mortgage is unpaid. But without their consent, you can't escape the mortgage.
(Not living there, by the way, has no effect on your obligations or rights: it is legally irrelevant for this purpose.)
If the other mortgagor is not on the title to the property and you and he/she are not married, you should be able to sell without his/her consent. Being on the mortgage does not automatically make you an owner of the property or able to control what happens to it.
If the other mortgagor is on the title or you are married, you will need his/her consent. However, if you can't agree as to what to do, you may be able to go to court for a court order requiring that the property be sold, the mortgage be paid, and the remaining proceeds/equity (if any) distributed. If you want to explore this option, which can be procedurally complex, speak with an attorney.


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