How can I take myself off from mortgage. I had an acquaintance that I ventured business with. We bought a house primarily for Adult Care home 2008. Due to some HOA restrictions we started applying for licencse 2009. House was licensed but we could not get patient. To make the story short, I run out of money to pay my part in mortgage, so I quitclaim my rights.
The name on the mortgage is her daughter and I co signed it. She got some investor to involve and now the business is running, she promised me that they gonna refinance in 6 months, but until now my name still there. Tried talking to her but she said they can’t refinance because of the market value, What can I do?
This is why you hear some people say you should never co-sign a loan for anyone. The bank isn’t going to remove you from that mortgage. They’ve got you on the hook too in case the daughter stops paying. You’re stuck just like I was stuck on the mortgage from a marital house after my divorce. The judge ruled that the ex would have to re-fi within 90 days or sell the house. I had to take her back to court again to force the sale. She quit paying on it and I sure wasn’t going to pay for a place she was staying in. Bottom line was the bank didn’t care what my divorce paperwork said. I was still legally responsible for that loan too so my credit got trashed along with hers.
Hopefully the investor and the daughter can pay down the mortgage to a point where they can refi you out of it.