Often not, and the mortgage is usually the reason. When the co-owner who wants out is on the loan, a co-owner buyout generally means paying off that loan or getting the lender to release the departing co-owner, and a replacement loan at today’s rates can cost far more than the old one. If the staying … Read More
When you sell your share of a co-owned house, should you stay on the mortgage or get your name removed? Here are the risks and factors to weigh.
Being stuck on a mortgage with an uncooperative co-owner is hard. Here are the ways to separate yourself from the loan, including a refinance, a buyout, or a partition action.
A co-owner who stops paying the mortgage is often an early sign of a larger dispute. A partition action can force a resolution and credit you for the payments you covered.
An assumption can let a co-owner keep a low-rate mortgage in a buyout, but it does not release the departing co-owner by itself. The lender, and for a government-backed loan the agency, must approve the buyer and sign a release.
Removing your name from the mortgage on jointly owned property might seem difficult, but there are four possible solutions to get your name off the mortgage.
Representing co-owners statewide. Find your nearest Talkov Law office.
Practical guides from attorneys who focus exclusively on California partition actions.
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