Delete Last Name Field to the Mortgage Quote Request and eSign it in minutes

Aug 6th, 2022
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How to Delete Last Name Field to the Mortgage Quote Request

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hi this is Paula Waterman with Castle Rock mediation and this is Chris Waterman the Denver mortgage guy today we want to talk to you about what is the diff ing somebody from Thai those are two different things yeah we get this question a lot especially because we have a divorce Services business and when people are getting a divorce one person may want to keep the house and the other person is going to leave the marital property and when you do that you got to take them off the mortgage and off the title or the deed to the house so how do you do that I know a lot of people have heard the term quit claim deed right oh I just do a quick claim deed and itll all be done in one fall swoop no it doesnt work that way a quick claim deed only removes somebody from the title the property doesnt remove them from the mortgage theyre two separate things so title basically means whos the owner of the property right when you say Im on title that basically means you own the property just like wh

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Removing a borrower from the loan doesnt change the way the property will be titled nor does it prevent the person removed from being released of any liability should something happen to the primary borrower. Removing a borrower simply removes the lower credit score from being used when rate pricing.
There are two ways to remove an ex-spouse from a loan: Release and refinance. A lender may release the ex-spouse from the loan. If presented with a divorce decree and a quitclaim deed, many lenders will remove the ex-spouse and leave the loan in the name of one spouse only.
If you cant refinance your existing mortgage, your lender may require you to pay off the loan in full in order to remove someone from a mortgage. This closes out the loan and removes your name as well as any co-borrower or co-signer from the mortgage.
There is only one way to have your spouses name removed from the mortgage: You will have to apply for a loan to refinance the mortgage, in your name only. After all, the original mortgage was approved in both of your names, giving the lender two sources of repayment.
Can I remove my name from a mortgage? To remove your own name from a mortgage, you and your co-borrower can ask the lender for an assumption or modification that would remove your name from the loan. If the lender wont change the existing loan, your co-borrower will need to refinance the home into a new mortgage.
If you want to remove someone from your mortgage and replace them with someone else a family member, friend or a new partner you can do this with a transfer of equity. A transfer of equity is when you transfer a joint mortgage to one of the owners, or to a new person.
You can contact the lender and request that you be removed as a co-signer on the mortgage. If the primary borrower has a strong enough credit score, or earns a high enough income, to support the loan on their own, some lenders will allow co-signers to be removed.
It doesnt matter whose name is on the deed or whose name is on the mortgage. Nine times out of 10 what matters is when the house was purchased and with what type of funds it was purchased.
If you cant refinance your existing mortgage, your lender may require you to pay off the loan in full in order to remove someone from a mortgage. This closes out the loan and removes your name as well as any co-borrower or co-signer from the mortgage.
There is only one way to have your spouses name removed from the mortgage: You will have to apply for a loan to refinance the mortgage, in your name only. After all, the original mortgage was approved in both of your names, giving the lender two sources of repayment.

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