How to remove aname from a mortgage?
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How to remove aname from a mortgage?
When my boyfriend was 20 years old, his mother forced him to co-sign the mortgage for a condo that she was about to purchase. He did not want to sign at the time and he never lived at the condo or had any ties to it financially or otherwise (besides the fact that his name was on the mortgage). Now we are in our mid-20s and want his name off; we would like to buy our own property at some point and do not want to inherit her debt for a piece of property that we have no ties to or interest in owning. What are our options for having his name removed?
Asked on January 23, 2011 under Real Estate Law, Connecticut
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
She can try and refinance the property in her name only. However, in this economy, she may not be successful. It depends on her finances. If a refinance is denied, she can ask the lender to allow what is called a "novation" to remove his name. While this is only rarely allowed, it's worth trying. A novation could be accomplished by his mother showing that she has paid the mortgage without him; if she is current and has never been late, the lender may allow her to remove your boyfriend's name from the mortgage without her having to refinance. A novation may also be obtained if she "buys" his release by making a substantial payment to reduce the mortgage balance.
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