Legal Question in Real Estate Law in Illinois

There is some confusion from the wording of your question. Please make sure you are understanding ownership versus being obligated for the loan. Are you a co-signor or an actual co-owner and co-borrower?

If you want your name "removed from the property," which suggests you have an ownership interest, you can transfer your ownership to another party by deed. That could be to one of your co-owners who wants your interest or a third-party who may be willing to take your interest or buy into the property. Whether it makes sense for anyone to take your interest is up to them to decide. Depending on the background, it may not be as easy as one thinks to get another to accept an ownership interest.

Being "removed from the property" does not, however, remove you from the loan. The lender made the loan based on certain people being involved. You cannot unilaterally change the lender's risk without its willingness to release you. That may mean others refinancing the property, the loan being modified or something along those lines.

The same would be true even if you were not an owner, but simply a co-signor. They probably demanded that you co-sign for the very reason that they needed more assurance in order to make the loan. You cannot change that now without their involvement.

This type of forum only allows for an attorney to touch upon the issues that may be involved. You should arrange a consultation to get a reliable analysis of the circumstances and to accomplish the changes, if any can be made.

Insufficient facts. Having said that, most lenders will NOT release any co-signer unless there is a refinance not involving you, but if you ALSO own a share of the real estate that will complicate things. See an attorney.