My father co-signed on my home loan. I am upside down on my home. Will a Quitclaim deed free him from financial responsibility? If not, then how?
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My father co-signed on my home loan. I am upside down on my home. Will a Quitclaim deed free him from financial responsibility? If not, then how?
Asked on May 27, 2009 under Real Estate Law, California
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
You need to have a qualified attorney handle this for you, to make sure your rights are protected and that the documents are worded in a way that makes it clear that both you and your father would be released from any further liability on the loan, in exchange for the deed.
Real estate laws differ from one state to another, and I'm not a California lawyer. To prepare the documents the right way and to negotiate on you behalf with the lender, an attorney's skill and experience are very much worth it -- because a mistake here can be far more expensive.
One place you can find lawyers ready to help you with this is our website, http://attorneypages.com
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