How can i remove my name from a mortgage takes center stage, this opening passage beckons readers into a world crafted with good knowledge, ensuring a reading experience that is both absorbing and distinctly original.
Navigating the complexities of property ownership and financial commitments can be daunting, especially when life circumstances change. This guide delves into the essential steps and considerations for anyone asking, “how can I remove my name from a mortgage?” We’ll explore the motivations behind this common desire, the legal and financial implications involved, and the practical methods available to achieve this goal, ensuring you have a clear roadmap forward.
Understanding the Core Request
So, you’re tryna ditch your name from a mortgage, huh? That’s a whole vibe, and legit, there are tons of reasons why someone would wanna do that. It’s not always about ghosting on responsibilities, but more about leveling up your life or sorting out messy situations.Basically, wanting to remove your name from a mortgage means you’re looking to be completely off the hook for that loan.
This means no more monthly payments, no more liability if the loan goes south, and it won’t show up on your credit report anymore. It’s like hitting the reset button on that specific financial commitment.
Reasons for Mortgage Name Removal
There are a bunch of legit reasons why someone would want to get their name off a mortgage. It’s usually tied to major life changes or financial realignments.
- Divorce or Separation: This is a biggie. When a couple splits, they often need to figure out who keeps the house and who gets their name off the mortgage. It’s about untangling finances and moving on.
- Refinancing: Sometimes, one person might want to refinance the mortgage to get better terms, and the lender might require only one person’s name on the new loan.
- Selling the Property: If the house is being sold, the mortgage needs to be paid off, and naturally, all names associated with it are removed from the loan.
- Financial Hardship or Inability to Pay: If one person can no longer afford their share of the mortgage payments, they might try to get their name removed to avoid damaging their credit.
- Buying Out a Partner: In situations like business partnerships or even co-buying with friends, one person might buy out the other’s stake in the property, including their mortgage responsibility.
Common Scenarios
These situations are pretty standard when you’re talking about someone wanting their name off a mortgage. They usually involve a shift in ownership or financial obligations.
- Exiting a Marriage: This is probably the most common scenario. After a divorce or separation, one ex-partner often takes over the mortgage payments and the house, while the other’s name needs to be removed from the loan documents.
- One Owner Taking Full Responsibility: Imagine two people bought a house together, but one decides they want to keep it and can handle the mortgage solo. They’ll need to get the other person’s name off.
- Prepping for a Sale: If a house is on the market, the mortgage gets cleared as part of the closing process.
- Debt Consolidation or Restructuring: Sometimes, as part of a larger financial plan, a mortgage might be restructured, and the lender might only want one borrower.
Initial Steps to Consider
Before you even think about the nitty-gritty, there are some crucial first moves you gotta make. It’s all about getting your ducks in a row and understanding what you’re up against.
The very first thing you should do is chat with your lender. They’re the gatekeepers of your mortgage, and they’ll tell you what options are even on the table. Don’t just assume; ask them directly about removing your name and what their process looks like. It’s also smart to get a handle on your credit score because that’s gonna be a major factor in whatever you do next.
- Contact Your Lender: This is non-negotiable. You need to understand the specific procedures and requirements your mortgage servicer has for removing a borrower. They’ll Artikel the potential pathways, which usually involve refinancing or a loan assumption.
- Review Your Mortgage Agreement: Give that contract a good read. It might have clauses about how names can be removed or what conditions apply.
- Assess Your Financial Situation: Get real with your finances. Can you afford the mortgage on your own if you’re the one staying? What’s your credit score looking like? This self-assessment is key.
- Consult a Real Estate Attorney: For complex situations, especially divorce, having a lawyer who knows real estate law can save you a ton of headaches and ensure everything is done legally and correctly.
- Understand the Credit Implications: Know that removing your name can affect your credit. If you’re staying on, your credit might be impacted if the other person misses payments. If you’re leaving, you need to ensure your credit isn’t tied to the loan anymore.
Legal and Financial Implications
So, you’re trying to ditch your name from a mortgage? That’s a whole mood, but it’s not just as simple as ghosting. There are some serious legal and financial vibes you gotta get a handle on before you bail. It’s all about making sure everyone stays on the right side of the law and doesn’t end up totally broke.Removing your name from a mortgage is a legit process that has major ripple effects.
It’s not just about your name on a piece of paper; it’s about legal responsibility and cold, hard cash. Understanding these implications is key to avoiding major drama down the line for everyone involved, from you to your ex-roomie or partner.
Legal Ramifications of Mortgage Removal
Legally, when you’re on a mortgage, you’re on the hook for that debt, period. Getting your name off means you’re trying to sever that connection. This usually involves a formal process with the lender, and it’s not always a done deal. The lender has to agree, and that usually means the other person on the loan needs to qualify on their own, or you gotta refinance the whole dang thing.
If you just peace out without getting your name officially removed, you’re still legally obligated to pay that mortgage, even if you’re not living there or paying a dime. That’s some real bad vibes for your credit score and could even lead to legal action if payments go south.
Financial Consequences for All Parties
This is where things get spicy, financially speaking. When one person bails, the financial burden shifts, and it can get messy.
- For the Departing Party: If you successfully get your name removed, you’re free and clear from that specific debt. No more worrying about missed payments tanking your credit. But, the process itself might cost you – think appraisal fees, legal help, or even a higher down payment if you’re buying something new.
- For the Remaining Party: They’re now solely responsible for the entire mortgage payment. If they can’t swing it alone, they might have to sell the house, refinance with a higher interest rate, or face foreclosure. This can be a massive financial strain.
- For the Lender: The lender’s main concern is getting paid. If the remaining party can’t make payments, the lender might have to go through the whole foreclosure process, which is a headache and a financial loss for them too.
Impact on Credit Scores
Your credit score is your financial rep, and being on or off a mortgage impacts it big time.
Departing Party’s Credit Score Impact
If you’re successfully removed from the mortgage and the loan continues to be paid on time by the other party, it’s generally a good thing for your credit. It means you’re no longer tied to that debt. However, if the removal process is complex or involves a refinance where the new loan has different terms, it could cause a temporary dip.
The biggest risk is if you
think* you’re off but aren’t, and the loan goes into default – that’s a credit score killer.
Remaining Party’s Credit Score Impact
For the person staying on the mortgage, their credit score is directly tied to their ability to manage that debt. If they can make all the payments on time, their credit score will remain stable or even improve. But if they struggle and payments are late or missed, their credit score will take a massive hit. If the loan eventually goes into foreclosure, it’s a disaster for their credit for years to come.
“Being removed from a mortgage isn’t just a signature; it’s a legal disentanglement that shields your credit from future delinquency on that specific loan.”
Common Removal Methods
So, you’re tryna ditch your name from that mortgage, huh? It’s not as simple as ghosting a group chat, but it’s totally doable. We’re gonna break down the main ways you can bounce and get your name scrubbed clean from that loan agreement. Think of these as your exit strategies, your VIP passes out of this financial commitment.There are a few legit ways to pull this off, each with its own vibe and requirements.
It’s all about figuring out which one fits your situation best, whether you’re rolling solo or have a partner who’s staying put.
Refinancing the Mortgage
This is like hitting the reset button on your mortgage, but specifically to get one person off the hook. Basically, you’re getting a whole new loan that replaces the old one, and this time, only one person’s name is on it. It’s a pretty common move, especially if the person staying wants to keep the crib and the person leaving wants to peace out without any lingering financial ties.The lender will look at the creditworthiness and income of the person who’s staying to make sure they can handle the mortgage solo.
If they’re good to go, they’ll approve the new loan, pay off the old one, and boom – your name is officially off the hook. It’s a clean break, but it can cost some dough upfront with closing costs, just like getting a mortgage the first time around.
Cash-Out Refinance
A cash-out refinance is a specific type of refinancing where you borrow more than you owe on your current mortgage, and you get the difference in cash. While it’s notdirectly* about removing a name, it can be a super useful tool in the process. Imagine one person wants to buy out the other’s share of the equity. They could do a cash-out refinance on the existing mortgage, pull out enough cash to pay the other person their share, and then have the mortgage solely in their name.
It’s a way to get funds to settle up and simultaneously restructure the loan.
A cash-out refinance allows you to tap into your home’s equity, providing funds that can be used for various purposes, including buying out a co-borrower.
The amount you can cash out depends on your home’s value and how much equity you have. Lenders will still check your credit and income to ensure you can manage the larger loan payment.
Buyout
A buyout is pretty straightforward: one person buys the other’s stake in the property. This usually happens when one person wants to keep the house and the other wants to cash out their investment. The person staying needs to figure out how much equity the departing person has. This is usually calculated by taking the current market value of the home, subtracting the outstanding mortgage balance, and then splitting the remainder based on ownership percentage.To make this happen, the person staying might need to secure a new mortgage on their own, or use savings and other assets to pay the departing person their share.
If they’re getting a new mortgage, it’s essentially a refinance where the loan is solely in their name.
Mortgage Assumption
Assuming a mortgage means that one person takes over the existing mortgage payments and the responsibility of the loan from the other person. This isn’t a free-for-all, though. Lenders usually need to approve the person assuming the mortgage. They’ll go through a credit check and income verification process, just like they would for a new loan, to make sure the assuming party can handle the payments.This option is more common with certain types of loans, like FHA or VA loans, which can sometimes have more flexible assumption policies.
It can be a good option if the person assuming the mortgage has decent credit and a stable income, and the existing mortgage has favorable terms that are hard to beat in the current market.
Mortgage assumption requires lender approval and can be a way to transfer loan responsibility without a full refinance, provided the terms are met.
The original borrower is typically released from liability once the assumption is complete and approved by the lender.
Steps Involved in a Buyout
So, you’re looking to ditch your co-signer on the mortgage, huh? A buyout is basically when one person is like, “Peace out!” and the other is like, “Bet, I got this,” and buys them out of their share of the house. It’s kinda like breaking up, but with more paperwork and way bigger stakes. This whole process can be a bit of a journey, but if you play your cards right, it’s totally doable.This is where things get real, so pay attention.
A buyout means one person is taking full ownership of the property and is responsible for the entire mortgage. It’s a major flex, but you gotta make sure you’re ready for it.
Determining the Equity Value
First things first, you gotta figure out how much your crib is actually worth and how much you owe. Equity is basically the difference between what your house is worth and what you still owe on the mortgage. It’s like, the “real” value you’ve built up.To get this number, you’ll need to:
- Get a Professional Appraisal: This is like getting a doctor’s note for your house. A licensed appraiser will check out your place and give you a legit value.
- Check Current Market Trends: See what similar houses in your neighborhood are selling for. Websites like Zillow or Redfin can give you a ballpark, but a real estate agent can give you the inside scoop.
- Calculate Your Mortgage Balance: Call up your lender or check your statements to see exactly how much you still owe.
The formula is pretty straightforward, but it’s a big deal:
Equity = Current Market Value – Outstanding Mortgage Balance
For example, if your house is worth $300,000 and you owe $200,000, your equity is $100,000. This is the pie you’re gonna be dividing up.
Securing a New Loan for the Buyout
So, you’ve figured out the equity, and now you gotta fund that buyout. This usually means one person needs to get a new loan or refinance the existing one to cover the buyout amount. It’s not as simple as just handing over cash, unless you’re sitting on a mountain of it.Here’s the lowdown on getting that loan:
- Refinancing: This is when you get a whole new mortgage to replace the old one. You’ll be applying for a new loan in your name only, and the lender will use the new loan to pay off the old mortgage and give the departing party their share of the equity.
- Cash-Out Refinance: If you’ve got a good chunk of equity, you might be able to do a cash-out refinance. This means you borrow more than you owe on the mortgage, and the extra cash is used for the buyout.
- Home Equity Loan or HELOC: These are separate loans you can take out against your home’s equity. You’d use the funds from these to pay off the departing party.
Lenders will be all up in your business, checking your credit score, income, and debt-to-income ratio. They want to make sure you can handle the payments solo. So, get your financial ducks in a row, fam.
Legal Documentation for Ownership Transfer
This is where the lawyers come in, and it’s not optional. You gotta make sure all the paperwork is legit so nobody can come back later and be like, “Wait, that’s my house!”The main documents you’ll need are:
- Quitclaim Deed or Warranty Deed: This is the official document that transfers ownership from both parties to the one person buying out the other. A quitclaim deed is pretty basic and just transfers whatever interest the grantor has, while a warranty deed offers more guarantees.
- Loan Modification Agreement or New Mortgage Documents: If you’re refinancing, you’ll have new mortgage papers. If you’re just modifying the existing loan, you’ll need an agreement stating the changes.
- Release of Liability: This is super important! It’s a document that officially releases the departing party from any further responsibility for the mortgage.
Make sure you get these drafted and signed by a qualified attorney. Don’t be trying to DIY this part; it’s a recipe for disaster.
Negotiating a Fair Buyout Agreement
Okay, so you’ve got the numbers, you know about the loans, and you’re ready to get the legal stuff sorted. But before all that, you gotta agree on the terms. This is where negotiation skills come in clutch.Here are some pointers for keeping it fair:
- Be Transparent: Lay all your cards on the table. Share all the financial info, appraisals, and whatever else is relevant.
- Consider All Costs: It’s not just about the equity. Think about closing costs for the new loan, appraisal fees, legal fees, and any repairs that might be needed.
- Get It in Writing: Whatever you agree on, make sure it’s written down and signed by both parties. This prevents misunderstandings down the road.
- Be Prepared to Compromise: You might not get everything you want. Be flexible and aim for a solution that works for everyone involved. Sometimes, you gotta meet in the middle.
Think of it like this: if the house is worth $300k and you owe $200k, you have $100k in equity. If it’s a 50/50 split, the departing person gets $50k. But if the person staying has paid more of the mortgage payments or made significant improvements, that could be a factor in the negotiation. It’s all about fairness and what makes sense for your situation.
Alternative Solutions and Considerations
So, like, sometimes you can’t just yeet your name off the mortgage, which is kinda harsh. But don’t freak out, there are still ways to make things work. We’re gonna dive into what happens when a full-on removal isn’t the vibe, and what other moves you can make.It’s not always a clean break, and sometimes you gotta get creative. Think of it like a tricky level in a video game – you gotta find the cheat code or the hidden path.
We’ll cover the deets so you’re not left hanging.
When a Full Removal Isn’t the Move
Sometimes, the lender is gonna be all, “Nah, can’t do it.” This usually happens if the person staying on the mortgage doesn’t have the best credit score or a solid income to handle the whole loan solo. They’re not trying to be difficult, they’re just trying to make sure the loan doesn’t go sideways. If this is your situation, you might have to explore other options, even if they’re not your first choice.
Adding a New Borrower
Okay, so you can’t get your name off, but what if you can get someoneelse* on? This is where bringing in a new borrower comes in. This person, who’s gotta be credit-worthy and have a decent income, can essentially take over a portion of the financial responsibility. It’s like adding a backup player to your team when you’re short-handed. The lender will have to approve this new person, of course, and they’ll go through the same checks as the original borrower.
Divorce or Separation and Mortgage Drama
When a relationship ends, the mortgage can get super messy. Usually, one person stays in the house and takes over the payments, and the other person’s name needs to be removed. If you can’t afford to refinance or buy the other person out, things get complicated. The mortgage agreement is still a legal contract, and both names are on the hook until one is officially removed.
This is where lawyers really earn their keep, making sure everyone’s rights are protected and the financial fallout is as minimal as possible.
Navigating the complexities of removing your name from a mortgage often involves understanding financial safeguards, like knowing what is the difference between mortgage insurance and home insurance , which protects the lender versus the homeowner. Once clear on these distinctions, you can then explore specific legal avenues to get your name officially off the mortgage, a crucial step for financial independence.
The MVP: Your Legal Counsel
Seriously, don’t try to navigate this solo. A lawyer who’s got experience with real estate and family law is your bestie here. They know all the ins and outs of mortgage contracts and can explain your rights and options in plain English. They’ll help you understand the legal jargon, negotiate with the lender, and make sure all the paperwork is legit.
Think of them as your personal guide through the legal jungle.
Keeping the Payments Flowing
While you’re figuring all this out, the mortgage payments aren’t gonna stop. It’s super important to keep those payments on time, even if it’s a struggle. Late payments can wreck your credit score and make it even harder to get your name off the mortgage later. If money is tight, talk to your lender ASAP. They might have hardship programs or temporary solutions that can help you avoid falling behind.
Working with Lenders and Professionals
Alright, so when you’re trying to ditch your name from a mortgage, it’s not like you can just ghost the bank, you know? You gotta deal with the grown-ups, and that means some serious communication and finding the right peeps to have your back. It’s all about making sure you’re not left holding the bag, and these pros are your squad.Navigating the mortgage removal process can feel like a maze, but having the right team in your corner makes all the difference.
Think of these professionals as your guides, helping you understand the lingo and steer clear of any major Ls.
Effective Communication with Mortgage Lenders
Keeping it real with your mortgage lender is key, no cap. You gotta be upfront and honest about what you’re trying to do. Don’t be that person who avoids calls or texts; that’s a surefire way to get yourself in a pickle. Instead, be proactive. Schedule calls, send clear emails, and always follow up to make sure your messages landed.
If you’re feeling overwhelmed, ask them to break down complex stuff into simpler terms. They’re there to do business, and a clear, respectful conversation usually gets you further than playing games.
Selecting and Working with a Real Estate Attorney
A real estate attorney is like your legal hype man. They’re gonna make sure all the paperwork is legit and that you’re not getting played. When you’re picking one, look for someone who’s got experience with mortgage assumptions, buyouts, or refinancing – basically, anything that involves changing who’s on the loan. Check out reviews, ask for recommendations from friends or other pros, and definitely have a consultation before you commit.
You want someone who’s sharp, explains things clearly, and doesn’t make you feel dumb for asking questions. They’ll be the ones reviewing all the contracts and making sure your name is officially off the hook.
Responsibilities of a Mortgage Broker, How can i remove my name from a mortgage
A mortgage broker can be a real MVP in this situation, especially if a buyout is involved. Their main gig is to help you find the best loan options out there. In your case, they might help the person taking over the mortgage find a new loan to refinance the existing one, effectively paying off the old mortgage and getting a new one in their name only.
They’re basically matchmakers for loans, connecting borrowers with lenders and navigating the whole application process. They can also be super helpful in explaining the different loan products and what might work best for the person assuming the mortgage.
Tips for Finding and Engaging a Qualified Appraiser
An appraiser is the person who figures out what your house is actually worth. This is super important for a buyout because the new loan amount will likely be based on the current market value. You don’t usually pick the appraiser yourself; the lender typically orders the appraisal. However, if you’re involved in the process, you can ask the lender about their appraisal policies and if you can suggest a qualified appraiser they might consider.
Make sure the appraiser is licensed and has experience in your specific area. A fair and accurate appraisal prevents either party from being lowballed or overpaying.
Essential Questions to Ask Financial Advisors
When you’re dealing with big money moves like this, a financial advisor can offer some serious wisdom. They can help you understand the long-term financial impact of your name being removed from the mortgage. Here are some questions to fire at them:
- How will this affect my credit score moving forward?
- What are the tax implications of me being removed from the mortgage?
- Are there any other financial products or strategies I should consider to secure my financial future after this?
- Can you help me understand the potential impact on my debt-to-income ratio?
- What are the best ways to save or invest the funds I might receive if this is a buyout situation?
Having these conversations can save you a ton of stress and ensure you’re making smart financial decisions that benefit you down the road.
Illustrative Scenarios and Outcomes
So, you wanna see how this whole “name off the mortgage” thing plays out in real life? It’s not always straightforward, and the deets can get kinda wild. We’re gonna break down some legit scenarios so you can get a feel for what might happen if you’re trying to ditch your name from that loan. It’s all about understanding the different paths people take and what the final score looks like.Think of these as case studies, like in school, but way more useful because it’s about your cash and your credit.
We’ll cover everything from couples splitting up to business partners going their separate ways, and even when things get messy with legal drama. Peep these stories to get a clearer picture of the outcomes.
Refinancing to Remove a Spouse
Imagine Sarah and Tom, married for a decade, decided to call it quits. They co-own a house with a mortgage, and Sarah wants her name off it because she’s buying her own place and this mortgage is messing with her debt-to-income ratio. Tom wants to keep the house. The plan is for Tom to refinance the mortgage solely in his name.
This means he has to qualify for the new loan on his own, based on his income, credit score, and employment.The lender will run Tom’s financials. If he’s approved for a new mortgage for the same amount (or more, if they want to do a cash-out refinance), Sarah’s name will be officially removed from the old loan. She’ll sign a quitclaim deed to transfer her ownership interest in the house to Tom, and he’ll be the sole owner and responsible for the mortgage.
If Tom can’t qualify, Sarah stays on the hook, which is a total bummer.
Buyout After Partnership Dissolution
Let’s talk about Alex and Ben, who started a business together and bought a commercial property with a joint mortgage. Their partnership went south, and they decided to dissolve the business. Alex wants to buy Ben out and keep the property for his own ventures. This is a classic buyout situation.Ben needs to be released from the mortgage obligation. Alex will need to get pre-approved for a new mortgage for the property’s current value, or at least enough to cover the outstanding balance of the original loan plus any equity Ben is entitled to.
Once Alex secures the new financing, the old mortgage is paid off. Ben then signs over his share of the property to Alex, and Alex becomes the sole owner and responsible for the new mortgage. This requires a lot of paperwork, including new deeds and loan documents.
Legal Dispute Over Mortgage Responsibility
Consider a situation where a couple divorces, and the court orders one spouse, say, Maria, to take over the mortgage and the house. However, her ex, David, is still on the mortgage. Maria fails to make payments, and the house goes into foreclosure. David, whose name is still on the loan, gets hit with the credit damage and potentially legal action from the lender.This is where things get super gnarly.
David would have to sue Maria to enforce the court’s order or seek damages. He might also have to negotiate with the lender to get his name removed, which is tough if the loan is already in default. The court order is key here, but enforcing it can be a whole other headache, especially if Maria doesn’t have the funds to comply.
It shows why getting that name officially off the loan, not just relying on a court order, is crucial.
Successful Mortgage Assumption
Picture this: A parent, Grandma Carol, wants to help her granddaughter, Emily, buy a house. Grandma Carol has a mortgage on a rental property with a decent interest rate. Instead of selling it, she agrees to assume the mortgage for Emily. This means Emily takes over Grandma Carol’s existing mortgage.For this to work, the lender has to approve Emily for the assumption.
She’ll undergo a credit check and financial review, similar to refinancing. If approved, Emily signs new loan documents, and Grandma Carol is released from all responsibility. Emily now owns the property and is solely responsible for the payments under the terms of the original mortgage. This can be a sweet deal if the existing mortgage has favorable terms.
Name Not Immediately Removable: Subsequent Steps
Let’s say you’re in a situation where you and your ex-partner bought a house, and you’ve agreed one person will buy the other out. You’ve sorted out the equity split, but the lender says the person staying can’t qualify for a refinance on their ownright now*. This is a common roadblock.In this scenario, the name can’t be immediately removed. The person staying on the mortgage might need to improve their credit score, pay down other debts, or increase their income.
In the meantime, they’ll likely need to make payments on time to avoid damaging both parties’ credit. The other person remains legally responsible. The next steps involve a clear timeline for the buyout, potentially with a promissory note between the individuals to formalize the equity transfer, and a commitment to revisit refinancing as soon as the qualifying party is able to.
It might take months or even a couple of years, but the goal is still to get that name officially off.
Summary: How Can I Remove My Name From A Mortgage
Ultimately, understanding how can I remove my name from a mortgage is about regaining control and aligning your financial future with your current reality. Whether through refinancing, a buyout, or other arrangements, the key lies in informed decision-making, thorough preparation, and diligent execution. By leveraging the information presented and seeking expert advice, you can confidently navigate this process and achieve your desired outcome.
FAQ Resource
What if the other party can’t afford to refinance or buy me out?
If the remaining party cannot qualify for refinancing or afford a buyout, you may need to explore options like selling the property to pay off the mortgage or seeking legal counsel to understand your rights and potential court-ordered solutions, though these can be lengthy and costly.
Can I be removed from a mortgage without the other party’s consent?
Generally, no. Removing your name from a mortgage requires the lender’s approval and often the cooperation of the other borrower(s) because they are altering the terms of the original loan agreement and the party responsible for repayment.
How long does the process of removing my name typically take?
The timeline can vary significantly, but a typical refinance or buyout process can take anywhere from 30 to 90 days, sometimes longer, depending on lender processing times, appraisal scheduling, title company efficiency, and the complexity of the transaction.
What happens to my credit score if I’m removed from a mortgage?
If the mortgage is successfully refinanced or assumed by the other party and payments are made on time, your credit score should not be negatively impacted. However, if the removal process leads to missed payments or defaults on the original loan before it’s resolved, it can severely damage your credit.
Is it possible to add a new co-borrower to help remove my name?
Yes, in some cases, it might be possible to add a new borrower to the mortgage if the lender allows it and the new borrower qualifies. This would essentially replace you on the loan, but it requires lender approval and a formal application process.
