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In a mortgage on a condo that is jointly owned by where both…

In a mortgage on...

In a mortgage on a condo that is jointly owned by where both spouses are cosigners on the mortgage, how can one spouse get their name removed from the mortgage?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

California

Lawyer's Assistant: Has any paperwork been filed?

Yes, they have owned the condo for about a year and a half and condo is under water.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

They are both signers on the mortgage. One spouse wants to not be on the mortgage any longer. is that possible. They are not contemplating divorce (yet).

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Answered in 1 minute by:
12/14/2017
Ely
Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 103,159
Experience: Qualified attorney in private practice including business, family, criminal, and real estate issues.
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Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. (You may also be offered a phone call, but those don’t come from me and are offered by the website and you are under no obligation to accept.)

It is possible. The spouse that wants to keep the home and the mortgage will have to ask the current mortgage lender or ANOTHER lender to approve a refinance, where the other spouse's name gets taken off.

A lot of times, in a divorce, the party that GETS the home is ORDERED to attempt to refinance within a certain amount of time. If this fails, the home may be sold, for example.

So this refinancing action may be done with a court order, or, without one.

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Customer reply replied 2 months ago
Question: if the couple decide to sell the condo and it is underwater, is there anyway they can legally get out of having to pay the difference between the selling price and what's owed?

Sorry, but no. Not unless the amount they receive covers the amount owed. If not, they will continue to owe the difference.

Kind Reminder: Please, use SEND button to keep chatting, or please rate positively and click SEND to submit your rating once satisfied. You may always ask follow ups at no charge before or after rating. "I STRIVE FOR FIVE!"

Ely
Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 103,159
Experience: Qualified attorney in private practice including business, family, criminal, and real estate issues.
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