how can i get out of a joint mortgate?
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how can i get out of a joint mortgate?
I’m in a joint mortgage with a friend and can no longer make payment.
Asked on July 6, 2009 under Real Estate Law, Virginia
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
I am a lawyer in CT and practice in this area of the law. A mortgage is basically a contract whereby you personally agree to be responsible to pay the bank. Once you sign on the line and the funds are received, you are bound to the mortgage company. Regardless of your economic situation, you cannot get out of the deal unless you declare bankruptcy and let the bank take the house back. The only real option is to refinance the property and have the new mortgage in the other person's name only. However, if the other person cannot qualify on thier own for the mortgage they will not be able to refi. I suggest talking to a real estate broker about options based on the other person's credit and ability to refinance.
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