I am a co owner on an FHA mortgage. I would like to remove my name from the mortgage. Is there a way to do this legally w/out refinancing?

UPDATED: May 20, 2009

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I am a co owner on an FHA mortgage. I would like to remove my name from the mortgage. Is there a way to do this legally w/out refinancing?

Asked on May 20, 2009 under Real Estate Law, New Jersey


B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

You would have to get the mortgage lender (or whoever owns the mortgage now) to agree with this.  It is possible, a properly drawn and executed release could be recorded and take you off the loan.  The real problem is getting the lender to go along with it, because they are under no obligation to do that, without some very unusual facts, and it isn't in their interest.  The few times I've ever heard it attempted, the lender wanted a very large payment to reduce the amount of the loan -- we're talking well into five figures, here -- and it didn't happen.

If that kind of payment isn't out of the question, or if there are some unusual facts that you haven't included in your question, I'd encourage you to talk to a real estate attorney about this.  One place you can find qualified lawyers is our website, http://attorneypages.com

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 AttorneyPages.com 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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