If I currently have a home loan with my mother, how canI get her off the loan?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If I currently have a home loan with my mother, how canI get her off the loan?
I am the primary loan holder. I currently live in the house and pay the mortgage.
Asked on January 8, 2011 under Real Estate Law, Ohio
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
You can try to refinance the property in your name only. However, in this economy, it is more difficult than it used to be; it depends on your finances. If a refinance is in fact denied, then you can ask the lender to allow what is called a "novation" to remove her name. While this is only rarely allowed, it's worth trying. A novation could be accomplished by your showing the lender that you pay the mortgage and have always paid it. If you are current and hves never been late, the lender may allow you to remove her name from the mortgage. A novation may also be obtained if you "buy" her release by making a substantial payment to reduce the existing mortgage balance.
Note: This all asumes that your mother is not also on the title to the house and she is agreeble to having her name removed.
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.