Legal Question in Real Estate Law in Maryland
Real estate question
Last June I co-bought a house with a friend. We split everything equally and both names are on the mortgage and deed. I no longer want to live there but I want to make sure I do everything legally. I don't want any money out of it I just want to get my name off of everything. How do I go about doing that ? Will my roommate have to requalify for the mortgage?
1 Answer from Attorneys
Re: Real estate question
You can easily remove your name from the deed by deeding your interest over to your co-owner, but you can't so easily remove it from the mortgage. That's up to the mortgage company, and if your income and credit were a factor in getting the mortgage, they probably won't be agreeable to releasing you. Thus this loan will be on your credit record and will impede you from obtaining a new loan should you wish to do so.
If your friend is able to refinance in his own name, and is willing to do so, that would be the best solution for you. That would result in the payoff of the current loan and release your credit for later use.
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