Can you remove someone from a Mortgage without refinanceing?

I Co-Own a house with a friend, and he wants out of the deal. We have agreed on what the payoff should be based on the equity. It would be advantageous to do this without re-financing the home since the rate was low and we don't want to incur refinancing charges. Can this be done freeing him of all responsibility?Can you remove someone from a Mortgage without refinanceing?
Have you approached the bank? They can reorganize a loan to allow for just that. Give it a try, never hurts to ask. Your credit and income would be a big factor.





You'll be surprised at how much a lender can do sometimes.





Good LuckCan you remove someone from a Mortgage without refinanceing?
No. If you got financing based on both of your incomes, the bank will continue to hold him responsible because he is on that note. If he wants out, you have to refinance and only use your name. Keep in mind that you might not qualify under just your own income.





If you two want a deal without the refinancing, I suggest going to to a real estate attorney and spelling out the terms in very clear language to avoid any future misunderstandings.
Nope, gotta refi.
Actually anything is possible. It will depend on if you will qualify on your own and the lender is willing to release your friend. It is not to their advantage to release your friend. Sometimes a little money helps to sweeten the deal. You can, however very easily take your friend off of the title of the property. Your payment history would make a difference also. If you ever had a late payment don't count on the lender being helpful at all.


I would first suggest talking to the lender and seeing what they say. Never hurts to ask. If you don't ask then the answer is already no.


Also remember if you have to refinance to buy out your friend they should be responsible for half the closing cost. I would suggest giving your friend the option of paying half the closing cost or just leaving his name on the mortgage and removing him from the title.





Regardless you should visit a Real Estate attorney. A good one to start with would be the one that did the original sale. They already have information on the property on file.





good luck,





Michael