How do I get off my join mortgage?

Question

I currently own two houses wiht a friend of mine. One is a rental property and the other we live in. I may be moving in the near future and do not want to maintain ownership if i'm not able to help with either property. I also don't want to have to refi to have someone else placed on the loans. Is it possible to simply have someone else take my spot as the join owner on both loans as long as they have sufficient income to replace mine?

Answer 1

The only thing that you can do is forfit the property to the other, OR buy them out. Whichever you do if you do it make sure you get a Lawyer and put it in writting with the loan company or bank.

Answer 2

Your lender approved your loan based upon your ability to qualify. In order to negate your responsibility on the note the lender would have to release your from responsibility. They are not going to do so without going through the steps involved in refinancing the loan to qualify another borrower or your roommates by him or herself.

In addition, you may have some equity in these properties, if so, are you willing to walk away from that profit?

Answer 3

Unless you sell your interest to the new joint owner and settle with the bank at closing you will remain on the mortgage. You will need to have your name removed from the real estate records or you will continue to be responsible for taxes as well as the loan.

Answer 4

Anything is possible, but only the lender can approve such a transaction. I would say that without refinancing, it is highly unlikely. However, if you don't ask the lender about it, then it definitely will not happen. Call your lender today and talk with someone about it.

Regards,

Joe...

Answer 5

that is easy you pay hem or he pay you sing the papers and that is all

Answer 6

no most refinance, he/she may be able to refin. alone