Michigan Quit Claim question

Guest

I live in Michigan and I helped my brother get his house by co-signing for him. He was supposed to refinance it by now and hasn't. It's been over 3 years. So, I called up Countrywide and they stated that I could go over and get a Quit Claim to get myself OFF the mortgage and he would be "forced" to re-finance it. However, I just noticed an answer to a question that states if I were to get off, I'd be off the title but not the mortgage. Why would I want to get off the title before I know he has it refinanced. That would still make me responsbile for the mortgage and still be on my credit report but without ANY control, correct?

jenkin7

Hi rmbrisson,

Yes, you're right. If you sign a quitclaim, you can get your name off the title, but that would not transfer your loan liabilities. You can use novation, with the lender's consent, that will replace you as an old debtor with a new debtor (your brother), thereby taking your name off the loan liabilities.

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