Posted on: 11th Jun, 2010 01:02 pm
To get a name release from a mortgage what must a person do?
The borrower has to pay off the mortgage in full in order to release his or her name from the mortgage. Or else, another person will have to refinance or assume the loan and pay the dues in order to release the original borrowers from the responsibility of the loan payment.
Hi,
You have not mentioned whether the mortgage is only in your name or not. If there is a joint owner then he/she needs to refinance the loan in his/her name. If the property is a joint property then if you want to stay in the property you can, if you do not want to stay in the property also then you need to sign a quitclaim deed and transfer the property to the second owner's name.
You have not mentioned whether the mortgage is only in your name or not. If there is a joint owner then he/she needs to refinance the loan in his/her name. If the property is a joint property then if you want to stay in the property you can, if you do not want to stay in the property also then you need to sign a quitclaim deed and transfer the property to the second owner's name.