Tuesday, August 24, 2010

How do i go about withdrawing my name on a partnership mortgage?

if anyone has experienced in buying a house with a friend and now has seconds thoughts and wants to get out of the deal. the legal process and fees involved let me know, thx. oh yea now i know what they mean when they say you dont know someone until you leave with them!How do i go about withdrawing my name on a partnership mortgage?
If you mean you're on a joint mortgage loan, the only way is to pay off the loan - either with cash, by selling the house or by the other party refinancing in his/her name alone.How do i go about withdrawing my name on a partnership mortgage?
Once you sign the mortgage, you are legally liable for the debt until its paid.





The only way out is to get the other party to refinance the loan into their name only.
You can't do what you are asking to do, unless your friend agrees to refinance the entire mortgage in his/her own name. The bank will NOT take you off of the existing mortgage.

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