If you have private mortgage financing if one person on mortgage wants their name removed from mortgage how do you do it?

The people who signed the agreement with the lender have pledged to pay back the money or forfeit the property. If you want to change who is obligated to pay the loan you need permission from the lender. There really are two choices. Either the lender approves an assumption, a loan modification or similar. The alternative is the prior loan is paid off through a refinance where the new loan is taken out by the party who wants to remain on title and on the loan.

A private party who made a loan might be more open to discussion a change in the prior loan agreement. Private or otherwise, they are under no real obligation to make such a change. If a lender is going to give up the ability to come after a specific person when there is a loan default they lender must believe that the new situation is better than the old. Most of the time taking someone off the loan does not improve the lender's position so there is no reason they would agree. If you reduce the amount owed by a significant amount that could be an inducement to the lender.

Ask and see what the lender has to say. Be prepared to refinance if you really want to change force through a change.

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