what can i do to remove my name form a home that i co signed for?

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what can i do to remove my name form a home that i co signed for?

I co-signed for a home for my brother 7 yrs ago and now he let the house go under foreclose, it is ruining my credit score.

Asked on March 22, 2016 under Real Estate Law, Alaska

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

You can't remove your name unless *all* parties to the agreement--which would include your brother and the bank--agree to let you be removed, and they do not have to agree--it is their free choice whether to let you off or not. (And the bank almost certainly will not, since letting you off reduces the number of people it can sue or try to collect from.) When there is an agreement, party A cannot change the agreement without parties B and C concurring. You may be able to sue your brother for any costs or harm you incur, but that won't help with avoiding the foreclosure, or if he does not have the money to pay any judgment or award against him.


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