I am a co owner on an FHA mortgage. I would like to remove my name from the mortgage. Is there a way to do this legally w/out refinancing?
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I am a co owner on an FHA mortgage. I would like to remove my name from the mortgage. Is there a way to do this legally w/out refinancing?
Asked on May 20, 2009 under Real Estate Law, New Jersey
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
You would have to get the mortgage lender (or whoever owns the mortgage now) to agree with this. It is possible, a properly drawn and executed release could be recorded and take you off the loan. The real problem is getting the lender to go along with it, because they are under no obligation to do that, without some very unusual facts, and it isn't in their interest. The few times I've ever heard it attempted, the lender wanted a very large payment to reduce the amount of the loan -- we're talking well into five figures, here -- and it didn't happen.
If that kind of payment isn't out of the question, or if there are some unusual facts that you haven't included in your question, I'd encourage you to talk to a real estate attorney about this. One place you can find qualified lawyers is our website, http://attorneypages.com
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