2-Party Mortgage:How can 1 party be released from mortgage?

hi percival!

welcome to forums!

as far as i can understand from your question, the other party needs to refinance the mortgage in their name in order to release the 1st party from mortgage obligation. in that case the person who is refinancing the mortgage should have a good credit and income. otherwise the lender will not agree to refinance the mortgage.

feel free to ask if you have further queries.

sussane

My question is we apply for refinance with a 2 party mortgage involve in the loan,myself and my sister-in-laws.My sister-in-laws want to cash out for personal used to paid off something, for me i dont need cash out for now , with this kind a situation do you have any ideas how can we do this to make pair for me.

Hi Pablito,

I'm afraid, you can't do a refinance wherein one party needs cash-out and the other doesn't. You'll have to come to an agreement as to whether you need a simple mortgage refinancing or a cash-out loan.

Take Care

Is there a lender for me,,,, I am owner of a condo in South,Texas with an appraisal value of last year of 325,000 dlls. I have been offered a prize of 350,000 dlls but I WANT TO WAIT at least a year. I am a Mexican citizen with no credit history or score and no verification of income besides the income of the condo which is in the rental pool. The condo has 2 liens with the same bank,,,the first lien for 115,000dlls on my name and a second lien for 84,000 dlls on my son´s name,Alex. would like an INTEREST ONLY EQUITY LOAN for the amount of 150,000 dlls and the lender will be in second lien because present second lien will autmatically become the first lien. The loan is to pay off the present first lien, property taxas and other debts. So, I was wondering if there is a lender for me. Ever since I purchaseds the condo, I have paid all my monthly payment with savins and loan assocations and banks in the USA.