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Is refinancing the only way to have a co-borrower (spouse) removed from a mortgage?
Philadelphia, PA
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Posted 3 months ago in Debt / Lending Agreements
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The borrower and co-borrower are divorced, the assets are settled, spouse removed from the Deed but still on the mortgage. The concern is that the borrower cannot qualify for a refinance on her own, but is self-employed and has been making payments on her own and is up to date.
Answers (1)
Daniel Andrew Pallen
This attorney is licensed in Pennsylvania and 1 other state.
Posted 3 months ago.
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You are your spouse need to execute what is called an "assumption agreement." This agreement acts to remove another from financial liability on the note. Talk to your lender's re-finance department about it. They should be able to give u a template.
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