How to Get Out of a Joint Home Loan

Calling up your mortgage lender and requesting to have your name taken off a joint home loan doesn't work. Applying for a home loan with someone else and signing the mortgage papers makes you liable for the mortgage debt. Regardless of your situation (divorce, moving out of the property), refinancing the mortgage is the only way to take your name off the loan.

Instructions

Talk to the other joint owner and explain that you want your name taken off the mortgage loan. Selling the property eliminates the mortgage debt, or the other owner can take full ownership of the house and refinance the mortgage loan.

Call your lender. Refinancing requirements vary from bank to bank. Check with your lender first and ask about documents and credit requirements necessary to refinance the home loan and take your name off the mortgage. Contact other banks to compare refinance requirements and terms.

Ask the other property owner to complete a refinance application to become the sole mortgage holder. He should provide tax returns, W-2 forms or a 1099 for the past two years if self-employed, and consent to have this credit checked by the home loan lender.

Wait for the other owner to sign the new mortgage loan documents. Refinancing produces a new home loan, which pays off the prior home loan. The other owner of the property will schedule a mortgage closing and sign his name to the new loan papers, becoming the sole mortgage holder.

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