Q: On a joint car loan, is there a way to legally exempt someone from being financially responsible for the loan.
My partner and I purchased a vehicle about 6 months ago but now she is going her separate way, and in order to secure a mortgage for a place of her, I need to remove her from the loan. I cannot get the loan refinanced in only my name, so an FHA mortgage person she is working with told her that as long as her name is on the loan - and it shows up in her credit report - a "legal" document excusing her from being responsible for the loan would be a waste of time. SO - Is there a legal way - that would satisfy a mortgage broker - to no longer hold her responsible for the debt even though she is technically still named on the loan. Upon full payment or if I could ever get it refinanced, I would want to be sure that she would sign the title over to me. If more info is needed I WOULD be glad to provide it.
A: You both could sell the car. That would end the loan. The mortgage broker would have the best alternate suggestions.
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