QUESTION
how can i be removed as a coowner for a home equity loan?
Asked on Feb 04th, 2013 on Real Estate - New Jersey
More details to this question:
2 years ago, i took out a home equity loan for a garage with my mother and erected a pole barn on the property. i have been the sole person making payments for the structure and can prove through bank statements i am the sole person making payments. now, i am estrainged from my mother and purchased my own home. she will not allow me to dis-assemble the garage and reconstruct it at my new home. she claims she will take over the payments, but i 100% do not trust that she will. how can i be removed from this loan? will this affect my credit if once i move i do not pay? she said once i move she will have the police escort me off the property if i try and use the garage, therefore i would be paying for something i cannot take with me, and cannot use. her and my father are the only 2 names on the mortgage, and obviously their home is collateral for the loan, so if it is not paid, should i worry?
1 ANSWER
2 Awards
There really isn't a way to take your name off the mortgage. The paperwork would have to be filed with the company that holds the mortgage to almost re-finance, and then have the financing written again in just your mother's name. So even though she says she will take over the payments, there is no way to guarantee that she will do that. If the pole barn is something that is transportable, you could bring a court action for permission to remove it from the property, and as part of that litigation, get the remaining loan refinanced.
Answered on Feb 04th, 2013 at 10:17 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship