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The ONLY way to do this is to refinance the loan. The loan was made using two people to qualify and take financial liablilty. It is a legal contract and must be satisfied by a new contract. This can be done by the existing lender or a new lender, but take into consideration that his qualifications will not longer be considered. If he agrees, you can remove him from title (ownership of the home) but this will NOT relieve anyone of any financial responsibilities. Additionally, many lenders have stipulations in the loan documents that prohibits changes to the title of the home.
Wiki User
∙ 15y ago
Wiki User
∙ 10y agoYou can't remove a name off the mortgage. You need to consult with the lender. You will most likely be required to pay off the mortgage and refinance the property in your name alone if you qualify and if you are the sole owner of the property.
The lender made the loan based on the fact that you both agreed to be responsible for the debt if the other person doesn't pay. That was the way the loan was underwritten and the way the risk was evaluated. Taking one person off changes the risk level of the loan and it must be re-written according to current guidelines. If you own the property with another person, and will continue to do so, the lender will want to keep both names on the mortgage.
To remove one person from a mortgage the remaining partner needs to be able to prove that they have sufficient income to support the monthly payments on their own. If the property is owned by two people a deed must be exchanged conveying the co-owner's interest for the mortgage to be rewritten in a single owner's name.
The first thing you should do is contact the lender and discuss your situation with a mortgage officer. If your current mortgage lender will not allow the remaining person to take over the mortgage alone then you may need to shop around.
Wiki User
∙ 15y agoIt depends on who your mortgage is with. My mortgage is with Royal bank of Scotland and I have to apply for the mortgage all over again with my new partner. If your mortgage company investigate and think you can't repay the mortgage on your own they won't do it either. I would advise you speak to a solicitor.
Wiki User
∙ 14y agoThe only way to remove a person from the obligation of a mortgage is to pay it off and refinance the property in one person's name. You could ask the lender to allow the other person to assume the mortgage obligation and release you but lenders rarely do that and you would need to get that agreement in writing and record it in the land records.
Wiki User
∙ 17y agoTo remove your name file or have a lawyer file a Quick Claim Deed with your county. This is a standard procedure in divorices or other matters.
Wiki User
∙ 16y agoyou cannot unless the party is dead the loan can be refinanced however
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How do you remove your name from a joint mortgage in Portugal?
You need to discuss that with the lender. Generally the only way to remove your name from a mortgage is to pay it off.You need to discuss that with the lender. Generally the only way to remove your name from a mortgage is to pay it off.You need to discuss that with the lender. Generally the only way to remove your name from a mortgage is to pay it off.You need to discuss that with the lender. Generally the only way to remove your name from a mortgage is to pay it off.
Is it possible to remove your wifes name of a mortgage?
You would need to pay off that mortgage and refinance in your sole name.
What happen when wife name is not on the mortgage after a divorice?
After the divorce why do you need your wife name on the mortgage. You should work to remove the wife name from the mortgage and have sole responsibility towards it unless you guys worked out a different arrangement.
How can you get your name off a mortgage loan?
Generally, to remove one person from a mortgage that person must transfer their interest to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.
How can I have my daughter's name removed from a mortgage?
The lender owns the mortgage and a lender will not generally remove any name from the obligation to pay. The only way for you to get your daughter's name off the debt is to pay the loan off and refinance in your own name.
How can you remove the cosigner from a mortgage?
You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.
Can you remove your spouse's name from the property if separated?
No. You cannot remove a spouse's name from a mortgage or a deed. If you want their interest in the property they must execute a deed voluntarily, transferring their interest to you. You may need to buy them out.No. You cannot remove a spouse's name from a mortgage or a deed. If you want their interest in the property they must execute a deed voluntarily, transferring their interest to you. You may need to buy them out.No. You cannot remove a spouse's name from a mortgage or a deed. If you want their interest in the property they must execute a deed voluntarily, transferring their interest to you. You may need to buy them out.No. You cannot remove a spouse's name from a mortgage or a deed. If you want their interest in the property they must execute a deed voluntarily, transferring their interest to you. You may need to buy them out.
Can you remove your name from deed in Ireland?
Removing a name from a deed is fairly easy. However, if they are also on a mortgage on that property, it may not be allowed.
If you have signed a quit claim deed as the grantor is there any way to force the grantee to refinance the mortgage loan to remove your name from the monitary obligation?
Unfortunately, if you've signed your rights away you are only removed from title and are still obligated to the mortgage. The only way to get out of the mortgage is for the person holding title to refi and have your name removed from the mortgage.
How can you transfer an existing mortgage out of your own name and into the name of an LLC?
You cannot transfer a mortgage since the mortgage is owned by the bank. The bank is unlikely to remove the obligation from you to an LLC. You would need to pay off the existing mortgage, transfer the property to the LLC, and then refinance under the LLC . . . if the bank will allow the transfer of title and new mortgage.
How do you get your name removed from the church mortgage loan?
Generally, the only way to have your name removed from a mortgage is to pay that mortgage off and refinance in someone else's name.Generally, the only way to have your name removed from a mortgage is to pay that mortgage off and refinance in someone else's name.Generally, the only way to have your name removed from a mortgage is to pay that mortgage off and refinance in someone else's name.Generally, the only way to have your name removed from a mortgage is to pay that mortgage off and refinance in someone else's name.
How do you remove spouse from mortgage if divorcing?
The only way to remove your spouse is by refinancing the mortgage. Your attorney may be able to assist you in negotiating with the bank.
