How can I protect the people who co-signed on my mortage after my divorce?
I have an unusuall predicament. My
sister and brother-in-law co-signed on
a mortgage for my husband and me in
2002. Since we had bad credit and they
did not, we gave them the money for
the downpayment, they bought the
house, and we make the payments. On
paper, my brother in law owns this
house, even though we are the ones
who pay for it. Now, we're getting
divorced, and he wants to keep the
house. He has made faithful mortgage
payments, but I think it would be better
if the house was in his name. What is
the best way to do this?
1 Answer from Attorneys
Re: How can I protect the people who co-signed on my mortage after my divorce?
If the house is in your name you will have to release all your right title and interest in it. If the mortgage is in your name you will have to get the approval of the mortgage company or note holder. If all the paperwork is in your brother's name you need only quitclaim it over to him. In either case your soon to be ex husband will have to agree to it.
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.
