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Removing a Name On a Mortgage |
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What are the ways to remove a name and add a new name to a mortgage other than refinancing? I am trying to remove my dad's name and add my fiancee so my dad can buy something else. thank you |
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Your father signed a promise to repay that loan. The only way he can be released is if the lender agrees. Contact your mortgage company to see if they have a procedure for doing that, usually if the other borrower (you, I assume) can prove he or she has been making the payments alone for at least a year back. Or ask the lender if a different person can be substituted.
If they won't allow that, your dad is out of luck. The only way to release him would be to pay off the loan. Sometimes that can be done with a refinance, if you can qualify to carry the payments yourself, and if your dad signs off on ownership. Or if you add your fiancee as co-owner and the two of you qualify. |
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Edith
Originally published on June 16, 2009 |
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