Asked by M L, Los Angeles, CA • Sat Mar 12, 2011
My friend went into a house with his cousin 11 years ago. He has never lived in the house but was the primary person to get the loan since she was unable to get it on her own. Recently the cousin has not been able to make the payments and the house is now in pre foreclosure. She is attempting a loan modification but he wants his name off of everything.
My friend wants to know if he quit claims the home is he still responsible for the loan (her name is on the loan as well) and if so, is there anyway he can turn the house over to her (since she wants to keep it) and have no further responsibilities towards it. The house is upside down so refinancing is not an option. He is trying to prevent his credit from plummeting further from her inability of keeping up the payments.
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