If a couple that is not married, but have both of their names on a mortgage contract decide to split, how is the removal of one of the names handled?

If a couple that is not married, but have both of their names on a mortgage contract decide to split, how is the removal of one of the names handled?

Is it a mutual agreement to take a name off? Does the person whose name is being removed have to pay anything or are they entitled to anything? Does the house need to be sold either to a bank or willing buyer while both names remain on the contract?

Asked on July 26, 2012 under Real Estate Law, New York

Answers:

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