Legal Question in Credit and Debt Law in New York

co-signed mortgage
My name is on a mortgage with my ex-boyfriend of 15 years ago. He has been paying the mortgage and is totally responsible for the house. I want to get my name off the mortgage, what do I need to do? He live in the house with his wife. There is only about 10 years left on the mortgage.

Asked on 9/10/08, 8:38 am

jeffrey lazroe Jeffrey A. Lazroe attorney at law

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Re: co-signed mortgage

The bank will not release you from the mortgage, as you were a cosignor.

The best way is for the ex-boyfriend to to remortgage the house and pay off the first mortgage.

Is your name on the deed? You could be a part owner and when it comes time to sell this could be a windfall.

You must realize that if the ex does not pay on the mortgage this could affect your credit.

If your name is on the deed you could force a partition action requiring him to sell the property.

If you have any other questions, please feel free to contact me.

Answered on 9/10/08, 10:10 am

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