QUESTION
Urgent: Need legal assistance removing a person from mortgage.
Asked on Jun 12th, 2014 on Real Estate - New Jersey
More details to this question:
I have a join mortgage on my home with an individual who stopped making their end of the payments. As a result, we are short selling the house to avoid foreclosure. I need legal assistance for the short sale, but also help with removing myself from the mortgage. The other person on the mortgage has agreed to take full responsibility and I would like to retain an attorney who can help do whatever needs to happen to get me off the mortgage quickly. But first, is this possible?
1 ANSWER
William Mack
You cannot remove a person from the mortgage without the lender's consent. And the lender is unlikely to give consent where it feels that removing the person from the mortgage will make it harder to collect on the loan. Also, if your name is on the deed, the lender will not consent to removing your name from the mortgage. All parties on the deed must sign the mortgage - otherwise the lender cannot foreclose all ownership interest in the property.
You did not mention whether you signed the mortgage loan note - did you?
Answered on Jun 12th, 2014 at 3:16 PM