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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
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.