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vmv2 · Jun 25, 2007, 05:08 AM

Is it possible to remove my name from a mortgage which is solely in my name. I signed the mortgage for a good friend who stated he would make the payments. He in turn was to remortgage the property within 8 months. Naturally he paid for the first 5 months then stopped paying and never remortgaged. I have witness's that are willing to write that this was done in good faith and this was not my home. Is it possible to take this to court and remove my name. Thank you, the amount we are looking at is 600,000. I know... crazy.

ScottGem · Jun 25, 2007, 06:35 AM

No, you cannot remove you name. It doesn't matter why you signed only that you signed willingly. What your witnesses allow you to do is sue your friend for the money, though if he couldn't pay the mortgage, not sure what you can get from him.

Who's name is the deed in? Who lives in the home? I would be very surprised that a mortgage company lent you the money if your name wasn't on the deed. That means you can sell the property and pay off the mortgage. It also means you can keep any profit.

aviday · Jul 4, 2007, 09:11 AM

Hey man, check your private message box, I am going through the same thing and would like to be in touch.

vmv2 · Jul 4, 2007, 11:45 AM

Originally Posted by aviday

Hey man, check your private message box, I am going through the same thing and would like to be in touch.

What is your situation?

ScottGem · Jul 4, 2007, 02:03 PM

Originally Posted by aviday

Hey man, check your private message box, I am going through the same thing and would like to be in touch.

I strongly suggest you post your situation publicly so that any capable of helping can.

aviday · Jul 9, 2007, 04:04 PM

Hey vmv2, click on my user name and send me an email so we can be in touch. I live in Florida and am going through the same situation as you are -- I signed a mortgage for my "friend" 10 months ago and he disappeared last week without a trace, leaving me with a mortgage I can't afford so I'll probably have to file bankuptcy. And no, there's no way to take yourself off a mortgage unless your friend can refinance in his name which it doesn't sound like he would or could. I am only beginning to look at my options right now but it would be cool to be in touch via email so we can kind of go through this together, you know? It's a crappy situation and I feel really stupid for getting myself into this.