Legal Question in Real Estate Law in Maryland

Re: Mortage

With respect to the jointly titled deed, the party being bought out will convey his/her interest in it to the party who will remain in title. Since refinancing is being used to provide the buy-out funds, the current mortgage will be paid off as part of the refinancing, and that mortgage will be released. The party remaining in the property will be the only one to sign the new mortgage and promissory note. So at that point the party being bought out will no longer have any indebtedness on his/her credit record related to this property. However, if the party remaining in title is merely applying for a second trust and not paying off the existing mortgage, it would be up to that lender to agree to remove the bought out party from the mortgage, and that is not likely to happen. So it's far more preferable from the standpoint of the bought out party to do it through a refinancing of the first.

Regarding the summons, it can be served by anyone at least 18 yrs old except the plaintiff.