Home Buying in Yonkers>Question Details

Maribel, Home Buyer in Washingtonville, NY

I own a house from a previous relationship the mortgage in under my name. How can I get my name out of the mortgage and give to previous partner.?

Asked by Maribel, Washingtonville, NY Sun Oct 23, 2011

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I want to ensure I understand the question correctly. If the mortgage is currently under both your names, you'll need your previous partner to refinance the home. In doing so, this should transfer the loan into just his name; hense removing you from the financial instrument. If you are not on the mortgage but on the deed, you should be able to quitclaim yourself off the property. I recommend that you receive legal counsel to ensure you make the right decisions.

Mallorie Wilson
Associate Broker
Century 21 Diversified
0 votes Thank Flag Link Sat Apr 21, 2012
It's not clear as to whether or not your previous partner is on the mortgage or even on the deed. Actually those are separate but important issues.IT IS CERTAIN THAT YOU NEED GOOD LEGAL AVICE.Unless you feel that you have no legitimate rights to the property having not contributed to its purchase or upkeep, you might consider relinqishing title so long as you have no further responsibility for paying off the loan. Quick answers are a disservice.
0 votes Thank Flag Link Sat Apr 21, 2012
The other person HAS to refinance. The only other option is to sell the house.
0 votes Thank Flag Link Thu Oct 27, 2011
Hi Maribel,

To get your name off the mortgage, your previous partner will need to refinance the house in their name only. They will need to be able to qualify for the mortgage on their own (or they can possibly have someone else qualify with them). The property will also need to be able to qualify - has to appraise for at least the amount of the mortgage being applied for. You can remove yourself from the Deed but DO NOT do this without making sure you are off the mortgage first. If you remove yourself from the Deed but are still on the morgage, you have no rights to the house but you are still liable for the morgage.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Sun Oct 23, 2011
Refinancing is the easiest way to get out from this mortgage.You may talk to an attorney.Thank you.
0 votes Thank Flag Link Sun Oct 23, 2011
Maribel the most common way is your partner refinancing it into the partners name and releasing you from the mortgage. The partner will have to quailify for the mortgage on their own.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Oct 23, 2011
Your x-partner would have to refinance in their own name. Sometimes an x might not agree to do this if it gets you off the "hook" and they like having you on the hook. If the previous relationship ended amicably, they might agree. If not, they may need to be convinced with a kind gesture. I'm talking money honey. Good luck.

Rey Hollingsworth Falu
Licensed Associate Broker
Houlihan Lawrence - Bronxville

Web Reference: http://AskRey.net
0 votes Thank Flag Link Sun Oct 23, 2011
Getting your name off the deed and into your previous partners name is the easy part you simply deed them the property, however getting your name off the mortgage requires both you and your previous partner to speak with your lender and see if they will permit this or alternately your previous partner would have to refinance the property in their name only.

You should consult with an attorney (if this is a divorce then your divorce attorney would be a goood place to start) for additional advice.

Good Luck!
0 votes Thank Flag Link Sun Oct 23, 2011
Hi, if your names are both on the mortgage the other person would have to refinance in their own name to get you off. Hopefully there is enough equity and value there to refinance.

0 votes Thank Flag Link Sun Oct 23, 2011
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