Posted on: 26th Mar, 2010 01:45 pm
hi i was wondering if you can be removed from a mortgage without refinancing. Can you just be legally removed? If so how long after being removed from a mortgage can you file for bankruptcy?
Hi sweet,
You cannot be removed from the mortgage without refinancing. The lender would not want to release you from the liability of the loan unless your co-borrower refinances to pay off the existing mortgage. You may check with your lender if he will allow you to be removed from the loan through a novation agreement. But it does not seem to be possible. There's no such waiting period for you to file bankruptcy after being removed from the mortgage.
You cannot be removed from the mortgage without refinancing. The lender would not want to release you from the liability of the loan unless your co-borrower refinances to pay off the existing mortgage. You may check with your lender if he will allow you to be removed from the loan through a novation agreement. But it does not seem to be possible. There's no such waiting period for you to file bankruptcy after being removed from the mortgage.
Good Information! Usefull for me!