how can we remove someone from home loan?

4 Answers

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  • Anonymous
    2 months ago

    You would need to look at the agreement, most will forbid assigning the debt to someone else. So even if you agreed to enter into a separate contract between yourselves to indemnify the borrower who you wanted to remove, you would not be releasing them from the debt. The easiest way to do this would have been to take the loan out as a company  and then the composition of that could change without affecting the debt, as the company would own the home.

  • Anonymous
    2 months ago

    Restructure the loan without them. You need the agreement of the lender, which amounts to a new contract. The remaining borrowers can take out a new loan in their own names – providing of course that they have the income and can pass the usual affordability tests. You would need to have the property valued in order to pay out the person leaving since they are part owner.

  • 2 months ago

    put them in a cannon and shoot them into the water

  • G
    Lv 5
    2 months ago

    You must refinance. No lender is going to release someone obligated to repay a loan. this is their security guarantee. Even if the son is a bad credit risk, the total risk increases by some degree for the lender and they gain nothing for it.

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