You will be relieved to learn that it is possible to remove a name from a mortgage if you are partnered with a co-mortgage borrower and wish to have either your name or the other borrower’s name removed from the mortgage. To have the name struck from the mortgage, you must send a request to the lender.
Remove Name from Mortgage Sample Letter
|[Your Name] [Your Return Address] [Date] [Loan Company Name] [Correspondence Address on Your Bill] Re: Request to Remove the Name from Mortgage [Account number for the loan, if you have it] Dear [Loan Company Name]: I am writing to request that I be released from my obligation to repay any loans associated with this account. Please conduct a review of this account and determine my eligibility to be released from my obligation. If you determine that I am not eligible, please provide an explanation, including the following: -For what reason(s) am I ineligible to remove from the mortgage? -What steps do I need to take to qualify for the removal? -What is your current name remove policy? -Do you anticipate modifying these requirements in the future? Will any future modifications apply to me when I seek to be released from this obligation? If I am unable to exercise this option at this time, please update/annotate this account or accounts to reflect that I intend to do so as soon as possible. Please contact me at the point in time at which I am eligible to be removed from the mortgage. In addition, if you are unable to provide any of the information or documentation I have requested or otherwise cannot comply with this request, please provide an explanation. Thank you for your cooperation. Sincerely, [Your Name] [Your Contact Info]|
How to Remove a Name from a Mortgage
It may occasionally be possible to have someone’s name removed from a mortgage. The following are the methods for removing your name from a mortgage:
A Loan Assumption
This is the simplest method to take your name off the mortgage. If the mortgage has multiple names, you can inform the lender that you want to fully assume responsibility for the loan. So you can request a loan assumption from the lender. A loan assumption will absolve you of all mortgage obligations and remove the other from all documents. Because the refinancing process takes longer, this is the quickest method.
Here, other parties have to request a release from liability. A release from the mortgage will stop the lender from pursuing you for payments if the other party refuses to pay the loan. Therefore, many lenders don’t agree with a loan assumption. Therefore, you ought to speak with the lenders about the loan assumption and ascertain their opinions.
A Loan Modification
Additionally, you can ask for a loan modification and have your name struck from the mortgage. Refinancing and loan modifications are very similar, but the latter allows you to ask for changes to the loan’s terms. You can ask the lender to remove your name from the mortgage if the lender agrees to a loan modification. You can ask for an interest rate change with a loan modification, which is an additional benefit. To persuade the lender to accept a loan modification, you must present proof of your divorce or legal separation, for example.
A Quitclaim Deed
This is the simplest method to do so without having to refinance a mortgage. Using a quitclaim deed, you can transfer ownership of real estate from the grantor to the grantee. You can ask for a quitclaim deed if there is an incident like a divorce or separation. The quitclaim deed must be signed by your ex-spouse here in front of a notary. Your ex-spouse’s name will be struck from the mortgage as soon as they sign.
Refinance the Mortgage
This is yet another excellent method for getting rid of the mortgage. The mortgage must be refinanced here with just one owner-borrower and other names removed. By paying off an existing mortgage, you will be able to apply for a new mortgage. You must pay the co-owner whose name will be struck from the mortgage during this process. By refinancing your share of the mortgage as well as any joint and several obligations for that specific mortgage, you can also extricate yourself from it. But bear in mind that in order to refinance the mortgage, you must have acceptable credit, a low debt to income ratio, equity, and income.
FAQs about A Sample Letter to Remove Name from Mortgage
How do I remove my ex from my mortgage?
You must complete a quitclaim deed to remove your ex-spouse from the mortgage. Your ex will renounce all ownership interests in the property by signing a quitclaim deed in front of a notary public. Once you have notarized the document, the name of your ex-partner will be struck from the mortgage.
Can a co-borrower be removed from a mortgage?
You can indeed get rid of a co-borrower from a mortgage. There are various ways you can do it. They are –.
After my divorce, how do I remove my name from the mortgage?
Following a divorce, some of the simplest ways to remove your name from the mortgage are:
Can a joint mortgage be transferred to one person?
It is possible to transfer a joint mortgage to a single person; this is referred to as a “transfer of equity.” However, you won’t be able to rename a mortgage without the lender’s consent.
Can you remove someone’s name from a mortgage without refinancing?
It is almost always necessary to pay off the loan in full or refinance by taking out a new loan in your own name in order to remove a cosigner or co-borrower from a mortgage. However, in extremely uncommon situations, the lender might permit you to assume an existing mortgage from your other signer.
Is there a way to remove a name from a mortgage?
You and your co-borrower can ask the lender for an assumption or modification that would remove your name from the loan in order to remove your name from a mortgage. Your co-borrower will have to refinance the house into a new mortgage if the lender won’t modify the current loan.
How do I get my spouse’s name off the mortgage?
Getting Your Spouse’s Name Removed From Your Mortgage There is only one way to do this: You must apply for a loan to refinance the mortgage in your name alone. Because both of your names were on the original mortgage, the lender had two possible sources of repayment.
How do I remove my ex from my mortgage?
Release and refinancing are the two options available to remove an ex-spouse from a loan. A lender may release the ex-spouse from the loan. Many lenders will remove the ex-spouse from the loan and leave it in the name of one spouse only if they are given a quitclaim deed and a divorce decree.