Mortgage

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Mortgage

I currently own a home that I have a mortgage on and I moved out 7 years and let someone move in and pay the mortgage for rent. I want to get out of this mortgage but the renter doesn’t have good enough credit to get a mortgage and I don’t want to move back into the house. I currently have 43k left on mortgage what are my options to get out from this mortgage?

Asked on July 18, 2019 under Real Estate Law, Pennsylvania

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

There is no way to get out of the mortgage without it being paid off, including by someone else taking out a new mortgage in their own name and using it to pay off (e.g. as part of buying the property) the old mortgage. A mortgage is a contract between you and the lender: you are obligated to it unless the lender voluntarily chooses to release you from it, and in my experience, a lender will never do that without it being paid off or refinanced.


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