Legal Question in Real Estate Law in New York

Joint tenants

Me and my common law partner

clsed on a house on May 1st 2008 as

joint tenants with right of

survivorship.

We both got our mortgage financed

for 308000 and put 76000 down and

another 15000 in closing costs. We

also did spend another 30000 in

renovating.

Just 4 weeks after buying the

property we decided to split and now

are looking to transfer the deed on

my name . Currently i am out of a

job , while she has her job.

Is it necessary to inform the

mortgage company about the change

and if we do inform them would they

cancel the loan for me as i do not

have a job right now . I do however

have money to pay for the mortgage

and expenses for the next couple of

months before i get a job . Please

advise urgently .


Asked on 5/30/08, 6:00 am

1 Answer from Attorneys
Janine Barbera Barbera & McElhone PC

Re: Joint tenants

The mortgage company does not need to be notified of the change in deed technically as long as your partner understands he or she continues to be liable on the mortgage. The only way to remove your partner from the mortgage would be to refinance. By the way banks don't cancel loans, they merely foreclose on houses if they are not paid in a timely manner. Hope that helps.

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Answered on 5/30/08, 8:36 am


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