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Can a mortgage that has 2 people on it be transferred to only one person
Greenwich, CT
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Posted about 1 year ago in Debt / Lending Agreements
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mortgage:
Can a mortgage that has 2 people on it be transferred to only one person
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Answers (2)
John W. Carini
This attorney is licensed in New York and 1 other state.
Posted about 1 year ago.
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The mortgage can be changed only with the consent of the mortgage holder. For instance if two people divorce, one may give up all interest in the marital home, but this DOES NOT relieve them of the liabilities of the mortgage. That has to be taken up with the bank/mortgage company and will depend on the remaining person's credit history/score, etc.
David Carl Beyersdorf
This attorney is licensed in California and 1 other state.
Posted about 1 year ago.
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In addition to what Mr. Carini indicated above, the one wanting to keep the mortgage can re-finance in only his/her name if qualified. Of course, the deed should be transferred to the person keeping the property before or during the re-finance.
David C. Beyersdorf |
