2007-04-26 14:55:27 · 8 answers · asked by Roberto Q 1 in Business & Finance ➔ Renting & Real Estate
Oh no. You signed a paper saying your responsible to pay that loan and the lender is going to hold you to it. They don't care who's name is on the title or deed
2007-04-26 15:02:33 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No it does not. And you can not remove yourself from the deed or title to a home.
You signed a contract to purchase. The lender gives you a deed of trust as proof of ownership in the property. The title is filed with the county clerk's office so they can assess and collect the taxes on the property.
The only way you can "remove yourself from the deed" is to sell the property. The title is then conveyed to the next buyer. The other alternative is to pay off the mortgage.
2007-04-26 22:01:30 · answer #2 · answered by jim_elkins 5 · 0⤊ 1⤋
No, if you have a loan with a lender and you remove yourself from title you are still responsible unless you sale the house and payoff the loan.
2007-04-26 22:03:51 · answer #3 · answered by researcher 2 · 0⤊ 0⤋
The debt is with the property, if you sell it and someone puts their name on the property, the debt is still there with the property - however, the title company won't give it clear title, which means that you won't be able to close.
The only option is in a divorce situation, or when you're in litigation, where you have a court order giving the property to one party and relieving the other of the liability of the debt.
2007-04-26 22:00:59 · answer #4 · answered by Anonymous · 0⤊ 1⤋
No, regardless of whose on the deed, you are the loan writer leaving you responsible for the payment UNLESS you get the loan moved w/ the deed into the other persons name.
2007-04-26 22:01:10 · answer #5 · answered by DJ 3 · 0⤊ 0⤋
No. It only relieves you of ownership of the property. You are still responsible for paying back the loan.
2007-04-26 22:00:59 · answer #6 · answered by Anonymous · 0⤊ 0⤋
No, because the financial institution will not release you from the obligation. Sorry
2007-04-26 22:00:51 · answer #7 · answered by Jan C 7 · 0⤊ 0⤋
No because you will still be on the loan.
2007-04-26 23:21:24 · answer #8 · answered by yolandajdukes 2 · 0⤊ 0⤋