How can you remove your name from a mortgage?


Ovita: I’m on the mortgage with my daughter and son-in-law.  How I can get my name off the mortgage?  Will I have to do a refinance? 

Attorney Tom Olsen: Your name will be on that mortgage forever and ever and ever, until your daughter sells that property and pays that mortgage off, or she refinances and gets your name off the mortgage. So I wish you luck with that. Jim, do you have clients coming to you, talking about how they co-signed car loans and house loans for their kids? 

Attorney Jim Monroe: Yes, I have. All the time. 

Attorney Tom Olsen: How’s it working out for them?

Attorney Jim Monroe: It’s not working out very well at all. 

Attorney Tom Olsen: Call me cold, but I made a decision way back in a day from my years of experience that I’d never co-sign car loans and house loans for my kids, and I haven’t so far, because it just doesn’t seem to turn out well. 

Attorney Jim Monroe: No, it doesn’t seem to turn out well at all, for most people. 

Attorney Tom Olsen: Exactly. Okay. My guest today again is attorney Jim Monroe. He’s a bankruptcy attorney. We would love to get your bankruptcy question here in the studio. We would love to let Jim give you some assistance with your bankruptcy question or needs.