Author:
Carl Weaver
Date Of Creation:
24 February 2021
Update Date:
1 July 2024
Content
Removing the name from a joint mortgage is easiest through refinancing or selling the property. But if refinancing is not possible, you can still remove your name from the mortgage. Since the mortgage falls on the shoulders of the lender, the lending institution must be confident that the remaining mortgagee can be financially liable for the loan. It is possible to remove the mortgagee's interest on a home loan, but that mortgagee will still remain financially responsible for the loan. You can follow these tips to remove a name from your mortgage without having to refinance.
Steps
1 Contact the home loan lender. The lender will determine if your loan contract can be replaced with an assignment and terms change agreement. Assignment of rights and change of conditions are carried out in the business and real estate sectors. In the event that the mortgage contract is replaced, the lender agrees to write a new contract freeing the other party from any financial liability for the mortgage. All three parties (both the pledgee and the lender) must legally agree and sign a new assignment agreement and change of terms. This process requires a new contract with different conditions from the original contract. 
2 Determine if the remaining mortgagee has sufficient financial resources to pay the mortgage. The lender will need a credit history and documentation of the assets of the remaining pledgee as evidence. All this will indicate that he can pay the loan. Very often, the remaining mortgagee will have to pay high interest if he wants a new loan to be approved. Lenders will also need to verify all the financial details of the mortgagee, including bank account, car, education and other loans, availability of loans and other financial debts. 
3 Consider a waiver act. Contact a lawyer who can advise on how to draw up a waiver of rights statement. This document removes the name from the real estate contract.The act of waiver of rights includes the donor (the person whose name is removed from the contract) of the recipient (the remaining party). While the waiver does not formally deprive the donor of financial liability for the mortgage, it does give the recipient a share of the property rights. 
4 Sell your property if you are unable to get your name removed. Selling the property is the only way to permanently remove your name from the mortgage as the loan will be forgiven and a new contract will be created.
Tips
- When removing your name from the mortgage agreement, it is advisable to consult with a lawyer regarding the assignment agreement and changing the conditions and the waiver of rights. The more legally binding the documents are now, the less likely it is that debt problems will arise in the future.
