Legal Question in Real Estate Law in New Mexico
Removing One Party From Mortgage Without Refinancing
My ex partner and I own a house together in New Mexico. We split 2 years ago and I have been paying the entire mortgage since then. She signed a quit claim deed. Her concern is that she is still on the mortgage itself. Is there a way to remove her name and responsibility without refinancing. I am unable to do that at this time. Or if that is not possilbe, is there a document that both parties can sign so that this mortgage does not appear on her credit Thank YOu
1 Answer from Attorneys
Re: Removing One Party From Mortgage Without Refinancing
It is sometimes possible to have a co-owner's name removed from the mortgage if the mortgage company will agree. Agreement usually depends upon the amount of equity in the home, the remaining owner's credit standing, and the terms of the original mortgage.
If the mortgage company won't agree then it probably can't be done. In this latter event a letter to the credit reporting agencies stating that full responsibility for the mortgage has been assumed by the former partner may help.
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