quit claim for a friend

gibspeed_pol · Joined: 06 Apr 2008 Posts: 1 1.66 Dollars($)

i live in daly city.2 years ago. a friends of mine ask me if its ok to help her nephew transfering the title of the house to me.like a co sign.. at that time i have a excellent credit score...and i said yes...after 2 years i told them i want my name to be remove in the title and loan because im moving in los angeles. like a quit claim form from the bank...and its been like 2 months ago and there not doing any action..its there any way i can do some legal action th them..? please help me. thanx Confused

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi gibspeed_pol,

Welcome to the forum.

You can quitclaim the property but that will not remove your name from the deed. You should ask your friend to refinance the house on his name so that you are release from the mortgage obligation. You will also have to take the lender's consent before quitclaiming the property.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Niicss · Posted: Mon Apr 07, 2008 5:52 am Post subject:

Welcome gibspeed_pol,

Larry has rightly said that your friend has to refinance to remove your name from the mortgage. In case he does not refinance and take the loan on his name you can even file Partition Lawsuit.

Have a look on this discussion to know more Partition Lawsuit at http://www.mortgagefit.com/know-how/removecoborrower.html

Let me know if you have any more questions.

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