My partner and I bought a house three years ago using a joint mortgage . I put in the deposit he put in nothing . He now has met someone new and left the property he is not contributing to the house leaving me without a choice of selling the property . They have now decided they would like to buy the house and give me my deposit back . His new partner is going to buy me out using a settlement from her divorce
How do I go about taking my name off and adding her name without going through the re- mortgage procedure
Is is relatively simple

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Originally Posted by connie55

how do i go about taking my name off and adding her name without going through the re- mortgage proceedure is it relatively simple

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Hello connie:

Not only is it NOT simple, it's not POSSIBLE.

You and your ex partner are going to have to sell the house to your ex partner AND his new partner. They'll have to get their financing just like any NEW purchase.

excon

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Originally Posted by excon

Hello connie:

Not only is it NOT simple, it's not POSSIBLE.

You and your ex partner are going to have to sell the house to your ex partner AND his new partner. They'll have to get their financing just like any NEW purchase.

excon

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Speak with your lender. They might make the process of getting the new loan easier. But Excon is dead on. Mortgages cannot just be transferred like that.

Only FHA mortgages are "assumable" and the new owners need to qualify for the loan on their own.*

Removing your name from the deed constitutes a "sale" and invokes a clause in the mortgage called "due on sale" that requires that the previous loan be paid in full.*

* Not legal advice, just my knowledge as a loan officer.