Legal Question in Real Estate Law in Georgia
in a typical 30 year mortgage, I was one of 2 co-signers the other two was the primary borrowers. I did i quitclaim to remove my name and partnership with the property. The primary borrowers were in process of refinancing to get my name off of the property but backed out. 4 years later no ownership with the property but still on my credit and i cant get it off. I have asked the lender to take me off and they said only way was to refinance. I contacted the primary borrow and he blows me off and tells me he cant do anything and that he is not legally bound to refinance. I need to now can i sue for not being able to start a business because of the properties in which i am not on the deed but on the loan is on my credit showing 2 mortgages. What can I do??? i am willing to sue or what ever to get my name of of the mortgages. am i to suffer for the next 30 years for co-signing and let someone control my destiny and well being!!!
PS... The lender will not do a novation
2 Answers from Attorneys
Sue who, and for what? You willingly signed the loan documents. The lender has no reason to let you off the hook. Had you not wanted to be bound by the contract, you should not have signed. Had you wanted to keep part of the property, you should not have signed the deed. You can't sue someone because of your poor decisions.
Sue who? Why? You signed things. You can't sue yourself.
The lender will not likely let you off the hook so stop asking. You made a bad mistake and you cannot sue yourself for your own mistake.
There is no such thing in a real estate loan as two primaries and two cosigners. If you read all the paperwork you know (and knew) that were jointly and severally liable.
Signing a quitclaim when you were still on the loan was frankly a huge mistake as it removed your minimal leverage to resolve things. Next time see a lawyer before you go into business so you can address, in advance, the risks and terms.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
