The person who is currently in jail would have to sign a deed transferring his interest to the other owner. You can use a quit claim deed, a warranty deed, or a special warranty deed to accomplish the transfer. The deed would have to be signed in the presence of two witnesses and a notary. When the deed is properly executed, it should recorded in the public records of the county in which the property is located. Documentary stamps, reflecting the amount of consideration (probably half the mortgage balance) would have to be paid on the deed at the time of recording.
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Yes, the owner/mortgagee can ask the co-owner in jail to execute a quit claim deed to relinquish his interest in the property.
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