How can I get my name off this mortgage?
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How can I get my name off this mortgage?
About 5 years ago I sold my portion of a property to the friend I co-signed the mortgage with. He never refinanced or sold the place so my name is still on the mortgage. He has been paying on time but I still want to sever my last tie to the place so my credit report won’t show this monthly liability(even though he pays it all). I checked with the county auditor and he did file the sale of my half off the property so he is the only name of the title but I’m still stuck on the mortgage.
Asked on April 11, 2012 under Real Estate Law, Ohio
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Yes, you have no benefit in this situation and only liability. Did you have an agreement or some thing in the sale that said that he would refinance with in a certain time frame? Then you may have to sue him to force him to refinance and bring that contract of sale to an attorney to review with that in mind. He may not be able to refinance in these hard times. Good luck.
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