name removal from mortage

hi guest,

refinancing is the best option to remove a person's name from the mortgage. however, there are options like assumption of mortgage and novation which will also help you in removing your name from the mortgage.

thanks

you will most likely be required to pay off the mortgage and refinance the property in your name alone if you qualify and if you are the sole owner of the property. the lender made the loan based on the fact that you both agreed to be responsible for the debt if the other person doesn't pay. that was the way the loan was underwritten and the way the risk was evaluated. taking one person off changes the risk level of the loan and it must be re-underwritten according to current guidelines. if you own with another person, and will continue to do so, the lender will want to keep both names on the mortgage.

:idea: