Can you get someone taken off your mortgage?

Asked by: Ms. Leslie Rosenbaum Sr.  |  Last update: March 10, 2024
Score: 4.9/5 (49 votes)

Removing a cosigner or co-borrower from a mortgage almost always requires paying off the loan in full or refinancing by getting a new loan in your own name. Under rare circumstances, though, the lender may allow you to take over an existing mortgage from your other signer.

Can I remove someone from a mortgage without refinancing?

Removing a name from your mortgage: Can it be done without refinancing? Yes, it is possible to take sole responsibility for a home that you're currently sharing without refinancing, even if your ex-spouse or another co-borrower or cosigner is currently on the mortgage.

How much does it cost to remove someone from a mortgage?

If the lender won't change the existing loan, your co-borrower will need to refinance the home into a new mortgage. Does it cost to remove a name from a mortgage? Yes. Refinancing to remove a name requires closing costs, typically ranging from 2% to 5% of the loan balance.

How long before you can remove a co signer from a mortgage?

Normally, a cosigner will have to stay on the mortgage for a minimum of one year. From my experience, normally a cosigner will stay on a mortgage for several years. When the borrower is ready to have the cosigner removed, they contact the lender to then re-qualify without the cosigner.

How long does it take to buy someone out of a house?

If the equity split is amicable, buying someone out of a house and mortgage can take between 4 and 6 weeks. But if there are disagreements between how the equity is split, or you are struggling to find a mortgage lender who will lend to you by yourself, this can make the process take longer.

Can you Remove a Spouse from Mortgage and Title?

37 related questions found

How does it work to buy someone out of a mortgage?

A buy-out is when one owner of a property pays the other owner's share of the property's equity so that the co-owner can be released from the mortgage and removed from the deed as owner.

What is the formula for buying someone out of a house?

How does a home buyout get calculated in a divorce? To calculate how much it would cost to buy your ex out of your shared home, you need to know the amount of equity you and your ex share in the home. Use this formula: Net equity = (the appraised value - mortgage obligation) divided by 2.

How do I take someone's name off my mortgage?

Removing a cosigner or co-borrower from a mortgage almost always requires paying off the loan in full or refinancing by getting a new loan in your own name. Under rare circumstances, though, the lender may allow you to take over an existing mortgage from your other signer.

Can I force my ex to take my name off the mortgage?

The Solution: Release or Refinance

There are two ways to remove an ex-spouse from a loan: Release and refinance. A lender may release the ex-spouse from the loan. If presented with a divorce decree and a quitclaim deed, many lenders will remove the ex-spouse and leave the loan in the name of one spouse only.

How do I get my name off a mortgage with my ex?

There are 2 ways to remove a spouse's name from the mortgage:
  1. Release of liability – You can ask your lender for a release of liability. This is a document that releases a borrower from their obligation to pay back the loan. ...
  2. Refinance – The only other option is to refinance the mortgage.

What happens if you own a house with someone and you break up?

One spouse can buy the other out, they can opt for a delayed buyout, or they can sell the home and split the profit. This decision is all mediated by divorce court, and, notably, the court can force the sale of the house if the (soon-to-be ex) couple can't agree on what to do with it.

Can you change a joint mortgage to a single mortgage?

If you both decide you want the mortgage to be transferred to one person, you do this through a legal process known as a 'transfer of equity'. A transfer of equity is when you transfer a joint mortgage to one of the owners, or to a new person.

What rights does a co signer have on a house?

Being a cosigner does not give you rights to the property. A cosigner has no title or ownership in the property secured for the loan. Additionally, a cosigner has no legal right to occupy a home as a primary or secondary residence, unlike the primary signer/borrower.

How do I get out of a mortgage with a co owner?

If both parties signed the note, then the best way to remove one owner from the note is for the other owner to refinance. When one owner refinances, they take a new loan to pay off the old loan. Once the old mortgage is paid off, then one of the owners has successfully removed themselves from the note.

Can I sue my ex for not refinancing the house?

File a motion for contempt: You can file a motion with the court that handled your divorce to enforce the terms of the divorce decree. This may involve requesting that your ex-wife be held in contempt of court for failing to comply with the order to refinance the home or obtain a new loan.

Does it matter whose name is on the mortgage in a divorce?

While the name on the mortgage can influence who is responsible for the debt, it doesn't necessarily dictate how the property is divided.

How do I remove my ex from my mortgage without refinancing?

If you need to remove your ex's name from a mortgage without refinancing, you could request a quitclaim deed (a legal document that allows you to transfer interest in real estate as a grantor to a grantee). In this situation, you are asking that your ex-spouse sign the quitclaim deed in front of a notary.

What if my ex refuses to take me off the mortgage?

This should be handled by your divorce attorney with the court. Either your spouse will be ordered to sell the house or buy out your share of the property. Your divorce attorney should be able to advise you on how to make sure that you are not responsible (or have any rights to) the property or any mortgage.

How do I remove my wife from my mortgage?

Refinancing After Divorce. There are two ways to remove a divorced partner from a mortgage: obtaining a release of liability from the lender or refinancing the mortgage.

Can I sue to get my name off a loan?

If the borrower forged your signature, or if they committed fraud to enforce you to sign the loan contract, you can sue both the lender and the primary borrower to have your name removed. However, you'll need unquestionable proof that you did not willingly consent to cosign the loan.

How do I know if my mortgage is assumable?

To know whether your mortgage is assumable, look for an assumption clause in your mortgage contract. This provision is what allows you to transfer your mortgage to someone else.

Can I remove my name as a cosigner on a mortgage?

The Bottom Line

Fortunately, you can have your name removed, but you will have to take the appropriate steps depending on the cosigned loan type. Basically, you have two options: You can enable the main borrower to assume total control of the debt or you can get rid of the debt entirely.

How much equity is my ex entitled to?

When the amount of the equity is calculated, you and your ex can figure out how to divide the equity. For example, if both of you were employed during the marriage and contributed equally to the mortgage you acquired after you were married, the equity would typically be split 50/50.

How do you determine how much equity a person has in their house?

Take your home's value, and then subtract all amounts that are owed on that property. The difference is the amount of equity you have. For example, if you have a property worth $400,000, and the total mortgage balances owed on the property are $200,000, then you have a total of $200,000 in equity.

What is the rule of 3 when buying a house?

3-30-10 Rule For Buying A House

If you really want to keep your personal finances easy to manage don't buy a house for more than three times(3X) your income.