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Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 6729
Experience:  29 years of experience in General Practice, Real Estate Law and Estate Law.
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How do I remove someone off my home loan?

Customer Question

How do I remove someone off my home loan?
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  Attyadvisor replied 10 months ago.

Welcome and thank you for your question. I will be the professional that will be assisting you.

Expert:  Attyadvisor replied 10 months ago.

The way to remove a co-borrower is either to refinance or see if the lender will release the co-borrower. Have you spoken you your lender?

The way to remove a co-borrower is either to refinance or see if the lender will release the co-borrower. Have you spoken you your lender?

"Contact the lender and ask for a novation. A novation is a type of assumption--a way for one party to assume responsibility for another person's loan. With novation, the original agreement that assigned responsibility to two co-owners is substituted for an agreement that assigns responsibility to just one, thereby relinquishing the other individual's responsibility for repayment. Not all loans are assumable, and even if yours is, there's no guarantee that your co-owner is qualified to assume it. However, if novation is possible it may well be your best option." http://homeguides.sfgate.com/remove-name-home-loan-9565.html

Expert:  Attyadvisor replied 10 months ago.

Is this person only on the loan or are they on the title?

Expert:  Attyadvisor replied 10 months ago.

I provided the 2 ways to remove the a co-borrower. I do not see that you have responded to my question.

Please do not hesitate to ask me any additional questions that you may have with regard to this matter as it would be my pleasure to assist you.

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Expert:  Attyadvisor replied 10 months ago.

Please ignore the additional services request.

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