I need to get remove from the title loan.
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I need to get remove from the title loan.
Hi,
I cosigned for a mortgage loan like 7 years ago. The deal was that I was going to be on the loan for only a year. The people that I did the favor to cant find anyone to replace me on the title and am desperately need to get remove. Im ready to take the next step and try to get a house myself but I cant because of that. Can you guys help me or give me an advise to see what can I do?
Thanks,
Asked on April 9, 2016 under Real Estate Law, Illinois
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
You can't get your name removed from the mortgage without someone else refinancing it unless *everyone* who is a signatory to the mortgage--not just the co-borrowers, but also the lender--agrees to let you out, and that will not happen. The lender will never agree to remove you from the mortgage because doing so gives them no advantage while actively hurting them--it reduces the number of people responsible to pay the mortgage and whom they could sue for the money.
If you are on the title as well as the mortgage, if you and your co-owners can't agree on what to do, you may be able to bring a legal action (file a lawsuit) seeking a court order requiring that the house be sold and the proceeds (if any remain after paying off the mortgage) be distributed among the owners--such a suit could potentially be settled by the other owners finding a way to refinance without you and buying you out. Courts wlll sometimes grant these orders when property owners have irreconciliable differences as to what to do about/with the property. Such a legal action can be a complex one; you are advised to consult with an attorney in detail about whether this is a viable option for you.
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