Legal Question in Real Estate Law in California

Re: signing off legal and monetary rights to property

You are akin to a co-signer. You owe the money whether you own any interest in the collateral or not. You could file for bankruptcy then surrender the collateral (you would give your deed in the property to the loan company)--that would discharge your name form the loan. Or you will have to talk the owners into refinancing

Re: signing off legal and monetary rights to property

You can do a quit claim deed or a grant deed to take your name off the ownership of the property.

There is nothing that you can do to remove your name from the loan. The lender made the loan partially based on your credit. You cannot unilaterally remove your name from the loan. The bank must either agree to look only to your niece for payment, or she will need to refinance.

Re: signing off legal and monetary rights to property

You can quitclaim deed your interest to your niece to give her any interest you own in the property. However, there is no way to remove your liability from the loan unless the lender agrees or your niece refinances in her own name. If it's possible for her to refinance, you could give her the quitclaim deed in exchange for getting your name off the loan.