QUESTION

I purchased a home with a friend .How can I can have my name and any obligation to the home removed .

Asked on Feb 05th, 2016 on Residential Real Estate - Virginia
More details to this question:
I purchased this home as co owner to help a friend and would like for her to have sole responsibility of the property
Report Abuse

1 ANSWER

Your name can be removed from the title by you executing a new deed, conveying your interest to the friend, but you can't get off of the debt unless the lender releases you. If your friend has strong credit, and/or the property has substantial equity, the lender might be willing to do so. If the debt is close to the property value, it will be hard to get the lender to release you.  Start by checking with the lender...it never hurts to ask. Good luck.  
Answered on Feb 06th, 2016 at 10:30 AM

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters