Q: I am on a real estate loan and deed for a piece of property with my sister. She wants to be a landlord and I do not. The mortage and the loan amount are approximately the same. How do I remove myself from ownership of this property, and does it make a difference whether my sister agrees to let me out or not?
?Gigi, Oakland, CA
A: If you signed the promissory note than the only way for you to get your name off that is to refinance the property or sell it to a third party. If you ?quit claim? the deed for example you will not be on the title but still be on the hook for the note in case your sister runs into trouble and can?t make her payments anymore. Bottom line, refinance or sell. Take care.
Aram Shah is a Realtor? with Florida Capital Realty in Doral, FL.
A: You need to speak with a Real Estate Attorney. A real estate agent can not practice law therefore, you need to speak with a Attorney who is well versed in Real Estate. sunny
Sunny Demko is a Realtor? with Keller Williams Realty in Westlake, OH.
A: Actually it is up to the bank whether they want to release you from your obligation to pay off the mortgage. Can your sister afford a mortgage on her own? If so, she could pay off the existing mortgage and purchase the property from you.
Joan Flood is a Realtor? with Dagmer Chew HomeStead Real Estate Co in Cape May, NJ.
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Source: http://rock-n-rollrealestateagent.com/how-do-i-extricate-myself-from-home-ownership/
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