how can i get out of a joint mortgate?

UPDATED: Jul 6, 2009

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how can i get out of a joint mortgate?

I’m in a joint mortgage with a friend and can no longer make payment.

Asked on July 6, 2009 under Real Estate Law, Virginia


J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

I am a lawyer in CT and practice in this area of the law.  A mortgage is basically a contract whereby you personally agree to be responsible to pay the bank.  Once you sign on the line and the funds are received, you are bound to the mortgage company.  Regardless of your economic situation, you cannot get out of the deal unless you declare bankruptcy and let the bank take the house back.  The only real option is to refinance the property and have the new mortgage in the other person's name only.  However, if the other person cannot qualify on thier own for the mortgage they will not be able to refi.  I suggest talking to a real estate broker about options based on the other person's credit and ability to refinance.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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