Legal Question in Real Estate Law in California

Clarification

So you are saying if I let her off the title and the mortgage, then I can simply take over the loan without having to pay for a downpayment on the refinance? For example, if we bought the house for 650 (and paid 20% down) and now the appraised value is 550, if we change the title and mortgage to my name then I would not have to take a loan on a house that is valued at 550 now and fork up a 20% and loose my original equity?


Asked on 2/06/09, 2:20 pm

2 Answers from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

Re: Clarification

Letting someone off a mortgage is something that can only be done by the lender (or current holder of the promissory note) - so releasing a co-borrower will require the assent and co-operation of the note holder. Some will rewrite the loan to remove the co-borrower, some won't. Co-borrowers are often easily removed in a divorce situation. If your situation is only the break-up of an unmarried couple, I can't predict what the lender (note holder) would be willing to do, but it's worth a try.

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Answered on 2/07/09, 2:39 pm
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: Clarification

Let who off the title and mortgage? If an attorney replied to a question of yours, please email the attorney directly.

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Answered on 2/06/09, 2:22 pm


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