Legal Question in Real Estate Law in Washington
mortgage loan question
I'm a joint signer on a mortgage with my parents. I no longer live in the house with them. I pay nothing towards the loan anymore. I was told my parents would have to refinance to take my name off the loan. They will not refinance. Is there anything I can do to have my name removed from the loan? What are my options?
1 Answer from Attorneys
Re: mortgage loan question
If your parents cannot or refuse to refinance then you may bring an action to partition or sell the property. In essence you'd be forcing them to either buy you out through a refinance or you'd force a sale of the property to liquidate and relieve you of your share of the mortgage.
Another alternative you have is to sell your percentage or fractional interest in the home to a third party who would become a partner with your parents in owning the home. The only problem there is you'd still have the refinance situation going on, so this would only work if your parents want to but cannot refinance.
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