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How to remove a co-borrower from title and mortgage of home?
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4 Responses to How to remove a co-borrower from title and mortgage of home?
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.
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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.
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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.
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