I was on title with a partner on a property. He wanted to keep it and I did not. He took out a refinance on the property in his name only (I'm not on the the refinance mortgage). We removed me from title and went our seperate ways.
If he runs into financial trouble down the road can I still be on the hook for anything since I was on the original loan?
Thanks!
2007-09-19 05:37:37 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
As long as the original loan was paid off from the refi proceeds, you're golden. The refi is only in your former partner's name; the lender will only look to him if that loan is foreclosed.
2007-09-19 09:52:14 · answer #1 · answered by mcmufin 6 · 0⤊ 0⤋
You should be just fine. If you didn't sign the note, then they can't do anything to you, and you got your name off the title, so your in good shape.
2007-09-19 12:59:03 · answer #2 · answered by Kass 3 · 0⤊ 0⤋
No, you're in the clear. You did things the proper way to protect yourself.
2007-09-19 12:42:51 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋