Co-signer on a refinanced home loan

I co-signed for a loan with my former fiance’. The condominium is “underwater” and more is owed than worth. We split up thereafter and now she cannot make the payments. I have been paying for seven months straight. What are my legal rights and how can I get out from the loan? Can I force a sale?

Asked on June 9, 2009 under Real Estate Law, California

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Who owns the title? Are you both on it or just her? You cannot simply get out of the loan -- the lender has to make the decision and it seems if your ex cannot make the payments on her own, the lender isn't going to let you out.  Have you though about buying the property from your ex? If you are not on the title, you basically are liable for the loan with her but have no title to the property -- not a good position to be in.

You cannot force a sale because you're a surety not a lender.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.