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Ending Co-ownership

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C

cgoglia

Guest
Is there a way to end co-ownership of a house in the state of NJ when the parties were never married and the party that is no longer living there has agreed to give up any rights to the house if the name is removed from the deed? What about the mortgage?
 


HomeGuru

Senior Member
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by cgoglia:
Is there a way to end co-ownership of a house in the state of NJ when the parties were never married and the party that is no longer living there has agreed to give up any rights to the house if the name is removed from the deed? What about the mortgage?<HR></BLOCKQUOTE>

Yes, follow the procedure as in a divorce case. One party deeds the property to the other party whom refinances the mortgage so the mortgage is solely in the name of the remaining owner.
 
C

cgoglia

Guest
Is there no way to remove a name from a mortgage without refinancing. Rates are so high right now - it would be foolish. Just a thought?
 
D

David J. Miller

Guest
Only way to do that is if your current mortgage is assumeable (FHA). The one that plans to keep the home could assume the prooerty from the other. If applicable, call the mortgage company and request an assumption package. If not applicable, the only option is to refinance.
 

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