Real Estate Law
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Since this is actually a contract with your lender, in order to have someone removed from the loan, you will need the lender to agree to sign a release of this person. If you simply agree to release the other borrower, it's simply a contract between the two of you and the other person could look to you if called upon by the bank to pay, but the bank would not be bound by the agreement. The other alternative, if the bank will not consent to release this other person, would be to refinance the existing loan into your name only.
This is the part of my job I don't like...when the law is not in favor of my customer. I wish I could tell you that lender consent is not required, but, I can only provide you information based on the law so that you can act on the best available information to you. ………..I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!
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