Legal Question in Real Estate Law in Florida

Re: co borrower mortgage

Hi:

Simply because the loan is not showing on your credit does not mean that the bank will not name you in the foreclosure action and that almost definately will come up on your credit.

Try and speak with the bank to work out some accomodation. The bank does not want to own your home any more than you want them too.

Good Luck

Re: co borrower mortgage

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No. Unless you can negotiate a release from the lender, you will not be able to be released from the mortgage. The lender relied upon your income and credit information in order to agree to loan the monies. Due to a change of heart or any other reason, you are not entitled to be released.

The only way to legally get released is to refinance the property in the name of the other party. This would require that the second party be able to qualify for the mortgage in his or her own name and credit.

Scott R. Jay, Esq.