How to Remove a Name From a Joint Mortgage

The remaining person must refinance as sole owner.
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A home is a big ticket item, and many homebuyers increase their borrowing power by applying for a mortgage with a co-debtor such as a spouse or family member. While having two or more borrowers improves the approval odds, situations can arise in which one person wants her name removed from a joint mortgage. Divorce, succession planning or one co-debtor wanting to branch out on his own can all force the breakup of a joint property purchase. Because a mortgage is a legal document, you cannot simply walk away from your obligations. If you want to remove a borrower's name, you must pay off the loan and refinance it.

Step 1

Consult a mortgage lender about refinancing the mortgage loan. Unfortunately, removing a name from a mortgage loan isn't as simple as calling the mortgage company and making a request. To achieve this, you'll have to refinance the home loan. Shop around for a suitable mortgage product.

Step 2

Select a lender and complete a mortgage application.

Step 3

Sign and complete the new mortgage documents. Only the remaining borrower signs the new loan papers; the borrower you are replacing does not participate in the refinancing.

Step 4

File a quitclaim deed. Refinancing only removes the co-borrower's name from the mortgage. A quitclaim removes the co-borrower's name from the deed, which means that the remaining borrower owns the property outright.

Step 5

Record the quitclaim deed in the county records office.

Tip

Maintain a high FICO score and steady employment. To remove a name from a joint mortgage, the person who remains on the mortgage loan must be in a position to pay the monthly payment on his own. He'll need a decent credit score, reliable employment and sufficient income.

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