Option C: Choosing to Change Co-Owner
Co-Owner(s) elect to withdraw from existing mortgage and homeownership rights, exiting party is responsible for their designated mortgage payments, as well as all costs associated with finding a new Co-Owner. Remaining Co-Owner(s) must approve of new Co-Owner. Remaining Co-Owners may be subject to higher or lower mortgage interest rates pending market conditions.
Exiting Co-Owner is responsible for all costs intermittently until the replacing party is approved by remaining Co-Owner.
Confirmation is required by all parties via website or application to approve new Co-Owner.
Existing mortgage will be changed to a cash out refinance mortgage to allow all equity paid into home is distributed back to the existing Co-Owner less any incurred fees.