How do I get out of a home loan with the other person whom is on the Deed only
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How do I get out of a home loan with the other person whom is on the Deed only
Me and my x-friend bought a home and my x-friend is on the deed only and the loan is in mine and there name. I make the payment they can’t afford it. I am married now and no longer live there. I want to do things right, What is the best way to get out of this situation? and no longer pay this payment as well get out of the loan. Thank you
Asked on July 21, 2016 under Real Estate Law, Pennsylvania
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
You can't get off the loan unless the home is sold or unless your friend voluntarily refinances in his name only. The problem is, the loan is a contract, and a party to a contract can only be released from her obligations under the loan if EVERY other party to the contract (or loan) agrees to release them. That means that your ex-friend would have to agree to release you, and it's unlikely he will, because that leaves him solely responsible for the loan and payments; and even if he was willing to, the lender won't let you out, because doing so reduces the number of people they can look to, to pay the loan, and therefore increases the chance of default.
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