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Can I remove my ex-partner from our mortgage without refinancing? Your rights and options explained

DIVORCE can muddy up your finances so it's important to know your rights.

If you're looking to remove your ex-partner's name from your mortgage, here's how to make the change quick and cheap.

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Releasing your ex from your mortgage may be tricky, but not impossible

Typically, to get your ex's name off of your mortgage, you'd have to refinance.

Refinancing may be costly, especially since interest rates are rising due to inflation.

Although, there may be another way.

According to MSN, there are a few things to understand about the process: the promissory note and the mortgage document.

Promissory note and mortgage documents

These two are not the same.

The promissory note is the obligation to repay the loan and the mortgage document is the document that creates the lien against the property.

Whoever signs the promissory note is the one who had the credit for the loan and, therefore, is legally responsible for repaying the amount owed.

If your ex-partner is not on the promissory note, the quitclaim deed will transfer the ownership interest that your ex-spouse had in the house to you.

A quitclaim deed is used to transfer the title of a property from one person to another.

However, if your ex-partner’s name is on the mortgage, their name will remain there until the loan is paid off.

You can speak with you lender to see if they are willing to release the ex's name from the mortgage.

But, if your ex-spouse was never on the promissory note or loan, they have no personal liability for the loan payments.

They will see little to no impact by having their name on the mortgage.

The lender will continue to report any payment information to the name of the person listed on the loan, this includes on-time payments or late payments.

This means if you make a late payment, it's your credit that will be hurt, not your ex-spouse’s.

A few things to consider

According to MSN, it can be difficult to release the mortgage for your ex-spouse without refinancing so ask your lender first.

It may be unlikely, but definitely worth trying.

It's common that your original mortgage loan was sold to a third party, they're called loan servicing companies.

They will be the one to contact for any loan workouts or modifications.

You'll want to call them once the quitclaim deed is documented and you can prove to the loan servicer that the title of the home is yours.

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