cosign friends home morgage

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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 4 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.


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