Shawn R. McClelland, Partner at Mandelbaum Barrett PC, recently answered a question for NJ Money Help about the fastest way to remove someone’s name from a mortgage loan.
What’s the Best Way to Remove Someone from a Mortgage?
McClelland explained that a mortgage has two key components: the promissory note (the borrower’s promise to repay) and the mortgage itself (the lender’s security interest in the property). Even if someone is removed from the deed, that does not automatically remove them from the mortgage. Lender approval is required, and in most cases, that means refinancing the loan.
He also cautioned that refinancing could come with additional costs and potentially a higher interest rate, making it an important financial decision to weigh carefully.
For further questions, you can reach Shawn R. McClelland at smcclelland@mblawfirm.com or at 973-974-9405.