Legal Question in Real Estate Law in New York
Deeds
My problem is i and another family member soc-signed a mortgage for a house for my sister.
I was told wanting to rid my self of owner ship of the house is to sign over the deed to the house to my sister and from six months to a year my name will automaticly come off the mortgage. Is this true and signing over the deed what position does that put in wanting no obligation to the house.
2 Answers from Attorneys
Re: Deeds
Not true. Unless you are released by the lender, you remain liable whether or not you retain an ownership interest in the property
Re: Deeds
Signing a new deed nevers atkes your name off the mortgage. Only the lender/mortgagee can agree to that. Tkaing your name off the deed only takes your name off the deed. Now, that being said, if your are only on the mortgage, and not on the Note, who cares? They sue on the note, not on the mortgage. If your are on the Note however, you are ultimately liable for the debt.
Contact me if you have any other questions.
Good Luck.
RRG
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