Buying out of your mortage?

Hey are you referring to buying out of house? If you want to take your name out of a mortgage loan the lender may object to it. Simply, because if one of the co-payer defaults, they can still rely on the other one for loan repayment.

However, the lender may ask your co-payer to take out a fresh refinance loan. It'll automatically remove your name form the loan as well as form the title. Check out the possibility with your lender.

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Mortgage companies do not let you buy out of you mortgage; they are in the finance business not real estate business. However, if you are trying to sell your property for less than you owe, you have to get permission for a short sale by your lender; in some cases were the market is declinging they will allow for a short sale. Also, if you are unable to make payments; some lenders allow for a 'deed in lieu of foreclosure" - this allows the lender to take ownership and hold you harmless when they sell it. Many times this will save the lender thousands in legal fees so they agree to it so they can immediately sell the property.