Legal Question in Real Estate Law in New York

Re: Getting co-signer off mortgage

In order to respond to your question, we need to define certain real estate terms. When you purchase property with the help of a lender, YOU give to the lender a MORTGAGE. In return, the lender gives you financing, which the mortgage secures. In that way, if you default on the loan, the lender could foreclose on the property.

Okay . . . that said, what is unclear from you question is what exactly your ex-girlfiend signed and what she owns. If, for example, she merely signed the loan documentation but has no ownership in the property, i.e., she served as a guarantor of the loan or, perhaps, had better credit than you & you needed her to obtain the loan, then there should not be much difficulty in getting her off of the loan -- something that could be accomplished merely by refinancing.

If, on the other hand, she is a co-owner of the property, then you would need to obtain her consent to relinquish any ownership rights she may have.

-- Kenneth J. Ashman; [email protected]; Ashman Law Offices, LLC, 156 W. 56 St., Suite 1902, NY, NY 10019.

This response is provided for general informational purposes only. No attorney-client relationship has been created by this response.