is there a legal way to get a co owner off the mortgage legally and finacially?
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is there a legal way to get a co owner off the mortgage legally and finacially?
Asked on May 19, 2009 under Real Estate Law, Rhode Island
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
The simplest way, of course, would be to refinance in just one person's name. Sometimes, a lender will agree to do release one of the borrowers without refinancing, although lenders often ask for a payment to reduce the balance on the loan as a condition -- and that payment is usually in five figures or more.
In either case, the person going off the mortgage will also probably have to get off the deed, and give up any interest in the property as an owner, and the person who refinances or stays on the existing mortgage will have to do a new, current mortgage application to show what his or her present financial condition is.
For the details of how this might work in your state, you should talk to a real estate lawyer in your area. One place to look for experienced counsel is our website, http://attorneypages.com
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