My ex-partner and I are co-owners of a condo, is it possible to remove him from the mortgage so he is no longer liable?
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My ex-partner and I are co-owners of a condo, is it possible to remove him from the mortgage so he is no longer liable?
I would then become the sole individual on the mortgage. We purchased the condo 5 years ago. The mortgage was based on my income alone. We are underwater on the house, so there is really nothing to buy him out of.
Asked on May 13, 2012 under Real Estate Law, California
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
So what you want to do is to make yourself soley liable for the debt while he still retains the legal right to the condo? Do you see where I am going here? I see no benefit to you and I am sure that you can not just refinance with him still being on the deed. Time to talk to him and discuss options. Even though it is under water now it could turn around. Maybe offer something so he will sign over his rights. Good luck.
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