Q: In a co signed mortgage, can the lead borrower legally divest all interest in the property?Lead isn't on deed.
A:
Yes, but only by paying off the mortgage or getting the lender’s consent to a novation. I’m a little confused by your question, but you seem to be asking if you can co-sign a loan note and then be relieved of liability without paying off the note because you aren’t on the deed. Isn’t that covered by the playground rule called “no backsies?”
More seriously, you can get the owner to re-if.
A:
This sounds very similar to another question recently asked on this forum.
A borrower has no interest in property by being on a mortgage, they only have an obligation. That borrower cannot typically remove themselves from the obligation unless the other owner refinances, pays off or assumes the existing mortgage.
Any specific questions about a particular loan document or title may best be addressed by meeting with an attorney to review those documents.
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