cosign friends home morgage
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
cosign friends home morgage
over 10 years i signed but now i want off she pays but if she dies i cant afford
it she owes credt cards bank says needs a new cosign oe pay off bills i
need help
Asked on November 25, 2016 under Real Estate Law, Illinois
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
You can't get off the loan unless:
1) It is paid off in full;
2) It is refinanced without you (e.g. with a new cosigner); or
3) The bank is willing to voluntarily let you off the loan, but you comply with whatever conditions they choose to impose for doing that (such as you being replaced by a new cosigner).
The mortgage is a contract: you are obligated to it unless ALL parties to it, including the bank, agree to allow you out, which is why you have to comply with whatever the bank wants--or it is satisfied (by being paid off or refinanced) and so becomes moot.
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.