Legal Question in Real Estate Law in Massachusetts
Name off mortgage
Is it possible to remove one's name from the mortgage without refinancing the property or paying it in full?
I am getting divorced and my wife may keep the house until our youngest child is grown (3 yrs), and then sell. I don't believe she's able to refinance the house in just her name to pay me my half of the equity. I don't want to be legally responsible for the house for the next 3 years.Any advice?
1 Answer from Attorneys
Re: Name off mortgage
Only the lender can agree to remove your name from the mortgage. Most lenders will require that the property be re-financed in the remaining person's name (i.e., pay off the current mortgage). Most mortgages contain a clause which states that if the property is transferred the remaining balance on the mortgage (note) is due immediately. This issue should also be addressed in the divorce agreement, however, you would still remain liable on the mortgage unless the lender agrees to remove your name.
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