How do I remove a co-borrower off of a loan because she isn’t paying any part of the mortgage?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How do I remove a co-borrower off of a loan because she isn’t paying any part of the mortgage?
A friend and I purchased 2 properties together; 1 was to be her responsibility and 1 was to be mine. I owned 1 of the properties solely and we refinanced and I added her to the loan. Since the loan I owed was worth less than property value, we took out an equity loan together so that she would be responsible for the loan payments for the full value of it at that time. She ended up letting us go into foreclosure without informing me and now wants me to pay the equity loan that we’re still responsible for. She has made no payments towards the other property. How do I resolve this?
Asked on January 23, 2011 under Real Estate Law, Maryland
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
First let's start with how to remove a co-borrower off of a loan. The only way to remove someone from that form of instrument is to refinance the property in your name only. If you do that then you will need to make sure that you also have a new deed that transfers ownership from the both of you as joint tenants to you alone. Otherwise you will be responsible for the debt but only receive half of the benefit when it is sold (or buy yourself a lawsuit to prove that you paid it all and should get it all). As for the rest of the issues that are popping up all over your question, get legal help. You need it to sort through this all. Good luck.
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.