I currently have a joint mortgage with a family member, who has decided that she no-longer wants to be on the mortgage, and wants to change the so that her brother is on the joint mortgage instead. As I am currently preparing to buy my own place, I no-longer want to be on the mortgage either, although we want to keep the property in the family.

I need to know how long I need to be on this new deed/ with this new family member before I can remove my name also??


Thanks

Cal.

ScottGem

Being on the mortgage and being on the deed are usually related but not the same thing. The mortgage lender is not likely to just let someone off the mortgage since they are obligated to pay. So the best way of changing who is on the mortgage is to refinance it.

However, a lender is also not likely to lend money to someone who is not an owner of the property, nor are they likely to lend money if all the property owners are not on the mortgage.

So the best thing to do is sell the property to the familiy members who want to maintain it.