How to Take a Name off a Mortgage
Obtain the approval and agreement of your co-borrower, to sell the property to a third party., Determine your property’s value by consulting with a real estate agent., Hire a qualified real estate agent and accept an offer., Seek out a real estate...
Step-by-Step Guide
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Step 1: Obtain the approval and agreement of your co-borrower
Selling to a third party will remove your name (and your co-borrower’s name) from the mortgage, by paying off the debt.The sale can free both you and your co-borrower up to purchase your own home. -
Step 2: to sell the property to a third party.
If your home is worth enough to cover your existing mortgage, it makes sense to sell the property.
If you owe more on your property than it is worth, you can try negotiating a short-sale with your lender.
In a short-sale the lender agrees to a sale of the property for less than the total debt, but it still releases you fully from that debt. , A real estate agent will list the property for you.
He or she will also assist you in negotiating with the buyer to an agreed upon purchase price. (Some people choose to sell the property themselves.
This is called a “for sale by owner” sale.) , The attorney can make sure the documentation is drafted properly.
He or she will ensure you are no longer listed on the mortgage or the property records.
Make sure you receive copies of these records to retain for your personal files. -
Step 3: Determine your property’s value by consulting with a real estate agent.
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Step 4: Hire a qualified real estate agent and accept an offer.
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Step 5: Seek out a real estate attorney to close the deal.
Detailed Guide
Selling to a third party will remove your name (and your co-borrower’s name) from the mortgage, by paying off the debt.The sale can free both you and your co-borrower up to purchase your own home.
If your home is worth enough to cover your existing mortgage, it makes sense to sell the property.
If you owe more on your property than it is worth, you can try negotiating a short-sale with your lender.
In a short-sale the lender agrees to a sale of the property for less than the total debt, but it still releases you fully from that debt. , A real estate agent will list the property for you.
He or she will also assist you in negotiating with the buyer to an agreed upon purchase price. (Some people choose to sell the property themselves.
This is called a “for sale by owner” sale.) , The attorney can make sure the documentation is drafted properly.
He or she will ensure you are no longer listed on the mortgage or the property records.
Make sure you receive copies of these records to retain for your personal files.
About the Author
Sandra Bell
Professional writer focused on creating easy-to-follow home improvement tutorials.
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