QUESTION
What is the easiest way to get a name off of a mortgage without refinancing?
Asked on Nov 10th, 2011 on Real Estate - Florida
More details to this question:
My husband and I own a house with 4 other relatives. Second home for them (out of state). Our primary residence. We need to get into a larger house for our growing family but we would be upside down if we sold current house. As far as the mortgage people and underwriters are concerned they have to count the whole current mortgage against us even though we only pay 1/5. We would be upside down by 20-40 thousand to refinance or sell. So is there any other option for getting our name off the current mortgage so we can get a new house for ourselves?
1 ANSWER
Probate & Trust Attorney serving Sarasota, FL
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Christopher K. Caswell, P.A.
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There is no way to to unilaterally get your name off of a mortgage without paying off the loan or refinancing and get the mortgage satisfied or released. You might be able to get the current mortgagee (lender) to release you but that would essentially be a refinance. It is not likely they will do that especially on an underwater loan.
Answered on Nov 14th, 2011 at 8:54 AM