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

Second opinion] In a...

Second opinion] 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). Also, if the owners want to sell the condo but it is underwater, can they legally not have to pay the difference between the selling price and the mortgage?

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Answered in 5 minutes by:
12/14/2017
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,998
Experience: 17 years real estate, Realtor. Landlord 26 years
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Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

There are only 3 ways that someone can get their name off a mortgage. The first way would be if a lender voluntarily agreed to release the person from the mortgage in writing. This isn't very likely as the lender currently has 2 people on the hook for the mortgage. The second way is if the loan is paid off. And the third is if the loan is refinanced in only one party's name.

So unless one of the above could apply, both people are stuck on the mortgage until it is either paid, the house is sold and it is paid, or it is refinanced.
.

Also, if the owners want to sell the condo but it is underwater, can they legally not have to pay the difference between the selling price and the mortgage?

.

If this was a purchase money mortgage and it is foreclosed on, then they aren't liable for any deficiency. The lender might also allow a short sale where they agree to allow you to sell for less than what is owed.

.

.

thanks

Barrister

Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,998
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified
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