[choppywaters]

I need to remove another persons name off my mortgage- it is not a spouse or family member just someone who helped so I could be approved for the loan- now that person & I want the name removed - the fee for a quit claim is 900.00 with a application form with no guarantee that the person alone will be able to afford it on their own until the application is submitted and it is non-refundable. I heard there is another way by both parties going to court but what do you have to do there to get the ball rolling to remove the other parties name.

[JudyKayTee]

In order to get a name off a mortgage you get a new mortgage to pay off the old mortgage - and the new mortgage is in the name of just the one person.

The Court will not step in and order a name taken off, leaving the Bank with only one party to pursue if there is a default.

What you heard is incorrect.

[twinkiedooter]

Quit claim deeds do not take a person's name off the mortgage. The only party that can do that is the lending institution who holds the mortgage and they will flatly refuse to do this as the other person is basically held liable in case the co-borrower renigs on the loan and falls behind in the payments. Then the lending institution can go after the co-borrower for the loan payments. Why would a mortgage holder even dream of letting the other party off the mortgage note? They won't.

As Judy KT pointed out the only way would be to have the mortgage refinanced by the one party.

[Fr_Chuck]

First a quit claim deed should not cost anywhere near 900 dollars ( if it does, god I am in the wrong busienss) since they can be picked up ( blank form) at office supply stores and done yourself for just the filing fee.

But that does not take a person off the mortgage, it would only change the deed, which most likely you can't even do without taking name off the mortgage.

You can ask the mortgage company but they will want the other person to get a new loan to pay this one off.

So both people are stuck till the one can refi.