How can I buy my roommate out of a shared mortgage?

Answer by  Rogbog (203)

Get your roomate to quitcliam the property deed over to you. Then you make sure that the new deed reflects only your name in the county courthouse records. After that you can refinance the new property in your name only. This will completely and permenately remove the shared mortgage situation.

Answer by  Peg (459)

One option is to use a quit claim deed which lets you own the property without selling the property. You will be responsible for the mortgage in full. You and your room mate would need to agree on a payment plan for you to buy the other share of the mortgage.

Answer by  Sam65 (198)

In order to get your roommate off of the mortgage, you must refinance the mortgage. Until you do that, your roommate is still on the hook no matter what.

Answer by  Diane65 (27)

You must refinance the mortgage. It is best to consult a mortgage professional or real estate lawyer in order to get the best advice for your particular situation.