Joint Mortgage: How Can You Get Out of It?

Joint Mortgage

You might be wondering how to get out of a joint mortgage when your relationship status changes. In a situation like that, you have to decide who keeps what item. 

If you find yourself in this situation, you must learn how to get out of a joint mortgage as soon as possible.

Even though you’ve agreed that one of you is liable for the mortgage and the other is walking away, the lender doesn’t see it that way. To him, you are both responsible for the loan before you make legal changes.

When trying to get out of a joint mortgage, there are a few things to remember.

What Is the Best Way to Get Someone Out of a Joint Mortgage?

Mortgage means to be responsible for the loan “jointly and severally,” where “severally” literally means “separately.”

As a result, if two mortgage partners plan to part ways, one must buy the other out, or if more than two people hold the mortgage as tenants in common, those staying in the home must buy out the one who leaves.

How to Get Out of a Joint Mortgage?

In a mortgage buyout, you can get out of a joint mortgage the easy way. One party assumes the other’s share of a property’s mortgage while still purchasing the other’s share of the property. The name of the other party gets out of the mortgage and title deed. You can get this by remortgaging, but it can also be achieved through a product swap, in which you move from your current lender to a new one.

You will need to take care of their share of the property if you buy anyone out of a joint mortgage. This procedure is the ‘transfer of equity.

1. Loan Refinancing

Although this is the “cleanest” option, it will require some effort. First, you will need to show the bank that you have enough revenue, equity, and credit to handle the mortgage payments independently if you refinance the loan in your name only. Furthermore, your ex must consent to let you keep the property.

You may need to “cash-out” your ex depending on what other assets you have accumulated throughout your relationship. To put it another way, you will have to pay them 50% of the home’s equity in cash before they agree to have their name removed from the title.

2. Sell the Property

You will need to sell the property and use the money to pay off the loan. This may disrupt you or your family. It could be challenging to sell if you are underwater, so carefully consider your options and seek advice from local real estate experts before deciding. If your house is underwater, you owe more on the mortgage than worth; you might need to consider a short sale. However, there are some significant disadvantages to this, so you should consult a financial planner and an attorney before proceeding.

3. Loan Assumption

If none of the above methods works, but you still want to know how to get out of the joint mortgage, then loan assumption is the most straightforward choice. First, you notify your lender that you are taking over the mortgage and would like to assume the debt. Many mortgage lenders would not consent to this. At the very least, they will want you to show that you can handle the payments on your own. You assume full responsibility for the mortgage, and your ex is removed from the note when you take on a loan presumption.

The current loan’s terms and interest rate remain unchanged. You are now the only creditor, which is the only distinction.


Whatever procedure you use to remove your ex’s name from the joint mortgage, you’ll still need to remove their name from the deed.

The title company will delete the spouse’s name from the deed for you if you refinance to remove the creditor.

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