Legal Question in Real Estate Law in New York
home mortgage and deed
If (2) people own the home and are listed as co-borrowers on the mortgage, if 1 buys the other out will the mortgage company take the 2nd name of the note and will the town/city govt take the 2nd name off deed without a problem
2 Answers from Attorneys
Re: home mortgage and deed
Nope.
The lender is using the 'guarantee" of 2 people. Read your note and mortgage. Any change in ownership permits them to call the Note and demand payment in full.
There may be ways to try to avoid this though. Feel free to call me for a free consult at 845.878.2163.
Good Luck
RRG
Re: home mortgage and deed
The best way for you to be removed from the mortgage and deed is to have the co-owner refinance the property and obtain a new mortgage. You can simultaneously sign a new deed. The Town/County will not automatically remove your name.
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