Posted on: 06th Feb, 2009 04:47 pm
i purchased a home with a friend of mine four years ago,and now my parents just got sick so i have to move back home.i was wondering how to get my name off of the title and mortgage of that home in case i have to take over my parents house.does my friend have to refinance to get my name off the mortgage?what is the easiest way to do this transaction?
hi tony,
yes, refinancing is, definitely, an option that will take your name off the title to the property and with the refinanced money, you can pay off your existing debt, thereby, getting your name off the mortgage as well.
however, the other option is to sign a quitclaim deed to get your name off the title and then, yo can sign a novation deed which will transfer your financial obligations such as mortgage to another person, making you free from the debt.
yes, refinancing is, definitely, an option that will take your name off the title to the property and with the refinanced money, you can pay off your existing debt, thereby, getting your name off the mortgage as well.
however, the other option is to sign a quitclaim deed to get your name off the title and then, yo can sign a novation deed which will transfer your financial obligations such as mortgage to another person, making you free from the debt.