Washington, DC asked in Real Estate Law for Maryland

Q: Can a primary borrower divest all interest in a property when they are not on the deed?

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3 Lawyer Answers
Thomas C. Valkenet
Thomas C. Valkenet
Answered
  • Baltimore, MD
  • Licensed in Maryland

A: If you are not on the deed, then you don't have an interest in the real property. You can remain liable for the loan if you have signed the promissory note or deed of trust as a borrower/guarantor.

Cedulie Renee Laumann and Richard Sternberg agree with this answer

Richard Sternberg
Richard Sternberg
Answered
  • Potomac, MD
  • Licensed in Maryland

A: I think I already answered this question, but you really need someone to run a title search and clarify who is on what. From your question, I assume you are correct in believing that you are on the note but not on title. If you are asking whether you can divest of title, the answer is that is not necessary. You are not on title. If you are asking whether you can ignore the note you signed because you are not on title, I need to know more facts, but, as a general proposition, of course not. That's a bit silly. If you have some actual reason for asking this question, you need to let a competent lawyer interview you.

Cedulie Renee Laumann
Cedulie Renee Laumann
Answered
  • Crownsville, MD
  • Licensed in Maryland

A: If someone is not on the deed they have no interest to "divest" by deed. If instead you mean to ask whether a borrower can they get out from the loan obligation by deeding away their interest, the short answer is "no" - at least not without the lender's approval.

Typically a co-owner who is a primary borrower can only be released from the loan obligation if the loan is paid off, refinanced or assumed.

While not legal advice I hope this helps.

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