Question by celery1399: How to remove a co-borrower from title and mortgage of home?
I purchased a house with a friend almost 4 years ago. She is now getting married, and we need to remove her name from the title and the mortgage. I know we will need to complete a quit claim to remove it from the title – do we need an attorney to do this, or can we just fill out the form and have it notarized and file it with the county?
Other than that, I’m assuming I just have to refinance and qualify for the mortgage on my own. Has anyone done this? Have any tips?
Answer by godged
You have to refinance to remove her from the mortgage.
Talk to a title company in your area for the best way to convey title. Quit claim deeds offer no warranty, and are not an advisable means to do this. A title company will charge you much less than any attorney.
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You can do the Quitclaim yourself without an Attorney. Go to any Title or Escrow company and ask them to do one for you. It will have to be notarized but those offices usually have someone on staff who is a Notary.
For the mortgage, you would have to qualify for a loan on your own. This sounds easier than it is so beware that if you do not qualify (due to stricter guidelines) that the house could go into foreclosure.
You understand the process correctly. You don’t really need an attorney to file a quit claim deed. It’s pretty simple and straightforward.
You WILL have to refinance, qualifying on your own, in order to remove her name from the mortgage.
You pretty much answered your questions! You will have to qualifty for the loan to refi in the usual manner. Just make sure your lender is clear on what will be expected, costs, etc.