Removal from Mortgage

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Removal from Mortgage

I helped a friend by cosigning for a house. She is now 44,500 in unpaid mortgage. She notarized a letter stating that I had no financial responsibility to that house. I want to remove my name from the mortgage

Asked on August 10, 2019 under Real Estate Law, New York

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

Unfortunately you can't get your name removed. You entered into a contract to repay the loan when you co-signed the mortgage. This means that the lender can look to either of you for repayment, so they will not let release you from this liability at this point. If your friend was current on payments, then you may have had a chance to be removed but not with her being delinquent.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

You can't remove your name from the mortgage unless the bank agrees to let you off the mortgage--and they won't. Your friend's letter is completely irrelevant. The mortgage is a contract with the bank; a contract cannot be changed, including to release someone from it, without the consent of all parties--including the bank. And the bank will not consent because releasing you from the mortgage reduces the number of people who have to pay it and who the bank can sue for the money--that is, releasing you hurts the bank by reducing the odds it will be paid and gives it nothing in return. Therefore, it will not agree. The only way to get off the mortgage is for it to be paid off.
In the future, never cosign for another person's home: you take on a huge obligation for their benefit with not advantage to you.


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