Can i bring my friends to court to get my name off a mortgage

I cosigned a mortgage with the promise
of them taking my name off at my
leisure well its been 3 years and i
want it off now and i found a coupke
ways to do it like assuming the loan
but they dont wanna do it that way ge
wants to refiance which is okay by me
but they are saving money and wont do
it is there excuse do you think the
courts would force them too?

Asked on March 1, 2016 under Real Estate Law, Wisconsin

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

No, a court will not force them to take your name off the loan: a "promise of them taking [your] name off at [your] leisure" is not an enforceable promise, since 1) there was no consideration for it, and 2) when there is a written agreement (the mortgage, loan, etc. documents) which obligates you, it cannot be modified or changed by an oral promise.
Furthermore, you'd also need the lender to agree to let you off the loan--all parties to a contract or loan, which includes the lender, must concur in releasing a party from the obligations thereunder. And there's no reason the lender would agree to this: it gets them nothing, and actually hurts them--it reduces the number of people who have to pay the loan.


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