How to take my name off a mortgage

how to take my name off a mortgage

Things You'll Need

Instructions

Call your lender or mortgage broker. Explain that you want to refinance your mortgage, but that the deed is in both your name and your partner's name. Explain that you will not be on the mortgage and need to take steps to legally give your interest to your partner so that he can refinance without you. Ask for the name of the title company or closing attorney that the lender would most likely close your loan with. They will likely give you this information as well as call them to schedule a meeting for you.

Attend the meeting at the appointed time. Take your deed with you, since it will show the legal description of the property. Speak with the attorney about your refinance and he will explain that you can be taken off the deed by executing a new deed (this will vary from state to state). However, the simplest legal document, a quit claim deed, can be executed, which will convey to your partner your 50 percent interest in the property. This does not remove you from the

loan, and in the interim period of mortgage processing, you are both still obligated to the old loan. If you sign over your interest early and your partner ends up hospitalized, you will have no control over the property.

Plan on attending the closing of the loan. Your closing attorney will have the quit claim drafted and will have you sign and date it at the closing. It will be filed (in county records) prior to the new lien with the new mortgage in your partner's name only. You can choose to be added to the new deed at the closing as an owner, but you won't be on the loan against the property.

In the event you were not added to the new deed and wish to retain your 50 percent ownership in the property, have your closing attorney prepare another quit claim deed (after the closing), showing your partner giving 50 percent of his 100 percent interest back to you, and have it filed in county records. Now your have the same interest and control of the property that you had previously.

Source: ehow.com

Category: Credit

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