Legal Question in Real Estate Law in Pennsylvania

Re: Mortgage and Deed

First see if your friend wants to buy you out. If he's willing then you just sell your half to him. If he is that part of the problem is solved.

Getting your name off the mortgage is another issue.

Your name on the mortgage isn't the issue. The mortgage merely allows the lender to foreclose on the property to pay off the loan. What you should be more concerned with is the promissory note. That obligates you to pay off the loan personally if the sale of the property doesn't satisfy the note. Even if you were to sell your half the loan was made based on both borrowers credit worthiness. So the bank isn't likely to let you off the hook so your friend would have to get a new loan and payoff the existing one. He may not be able to do that. If not you both may have to sell the property to someone else to pay off the existing mortgage.

If he's not willing to do that you could go to court to force a sale. That is not without its costs both financial and in terms of friendship.

If you have any questions feel free to contact me. The initial consultation is free.

{John}