If I co-signed a mortgage loan forsomeone and they now want me to sign a deed so that they can transfer it to another, how can I get off of the loan?

Get Legal Help Today

 Secured with SHA-256 Encryption

If I co-signed a mortgage loan forsomeone and they now want me to sign a deed so that they can transfer it to another, how can I get off of the loan?

My cousin wants to give it to his daughter. He sent me a tax grant deed to sign saying this would relieve my responsibility for any taxes. He wants to file bankruptcy and transfer it to her. I want to get off the loan.

Asked on August 10, 2011 California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Unfortunately, since you co-signed the loan for your cousin, there are only three ways for you to get off of it. They are as follows:

1. if the home is sold to some third party where the loan you co-signed is paid off in full as part of the sale;

2. if the loan that you co-signed is refinanced with a whole new loan where the co-signed loan is retired;

3. the lender or holder of the loan that you co-signed is willing to release you from your obligations under the loan agreement that you signed with your cousin.

Before you sign any documents regarding this property, you need to consult with a real estate attorney. I have practice real estate law in California for over 25 years and have never heard of or seen a "tax grant deed".

If you are not on title to the property you co-signed the loan for, I do not see any reason for you to sign any documents regarding it. If you are on the deed, you have an ownership interest in the property and can put it up for sale.


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.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption