Legal Question in Real Estate Law in California

My name is under my parents home loan along with my fathers name, but i no longer wish to be. I want to purchase my own home, but are unable to do so with the house under my name. My parents are refusing to remove my name because they say they do not qualify on their own and they have no one else to co-sign for them. How do i get out of this? I would not like it to go the legal way, but if necessary i will. I am currently living in the home because my name is on the loan, but i wish to move out. Any suggestions would be greatly appreciated.

Raquel


Asked on 4/14/10, 10:55 am

1 Answer from Attorneys

I'm afraid there is nothing we can tell you that you haven't already thought of. Until the existing loan is paid off, whether by refinance or sale of the house, the lender is not going to let you off the loan. The only "legal way" you can go, is to force a sale of the house. But you don't specifically say if you are on title as an owner of the house, or just a co-signer on the loan. If you are a co-owner of the house, you can force a sale to pay off the loan. If you are not a co-owner, just a co-signer, you cannot even do that.

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Answered on 4/19/10, 1:01 pm


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