You have split from your partner can you take his name off joint mortgage?

Answer 1

To clarify terms and the process a bit you have to recognize that when someone takes out a loan they sign a note agreeing to pay the debt and the borrower gives the lender a mortgage so a lien can be placed on the property. Lenders will only do this with the legal owner of the property. If two people buy a property and later they 'split' the ownership of the property, the liability for the debt and the lien provided by the lender does not change. If you want to fully split the simplest way to get one person off the title for the property and to have their liability for the loan satisfied is to pay off the debt and transfer the title from the two people to one. The transfer is technically a sale of sort where one is selling their interest to the other. Maybe for no gain but there is still a transfer of the legal rights. If for some reason the party who wishes to keep the house cannot afford to refinance in only their name then the two parties need to go to plan B. That could mean selling the place and splitting the proceeds after all costs and fees. It could mean that the person who is 'leaving' agrees to sell to the other party and they have a lawyer draw up an agreement. This deals with the ownership of the property buy not the loan or the liability for the loan. The lender can come after either person individually if the debt is not paid as agreed. The details are a bit more complex but the above should given a sense of what is going on. Best to work out an agreement by mutual consent and then document it correctly if you cannot just arrange a simple refinance and sale of one person's interest to the other person. The split without a formal resolution to the housing and debt situation is very messy. When you buy a house together you step up in responsibility and you need to follow through after you are no longer together.