Legal Question in Real Estate Law in Massachusetts
Being removed from a co-singer role
My bro. and I purchased a house together, in lowell Mass. I've lost all control over the rental property. Morgage payments have been late twice and I want to be removed as a co-singer. We cannot refinace for other 5 years because the city of lowell gave us money. Is it possible to sell my portion to my brother for $1 to completly remove my name from all legal documents?
1 Answer from Attorneys
Re: Being removed from a co-singer role
Transferring title to your brother will only surrender your share of whatever equity has been built up in the property to secure the mortgage loan you cosigned without affecting your obligation to pay that mortgage. Unless your brother refinances and pays off the loan you remain equally liable. Do not give away whatever your share of the equity is in the property to offset the mortgage loan. Good Luck!
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