I made a huge mistake as a firtst home buyer and purchased a home with someone else in 2006. I am the co-owner. I thought my name had been taken off the mortgage through a quick claim deed, but it only took my name off the title. I only lived in the house a few months before things went bad. I moved out of state and a year ago I found out my name was still on the mortgage because the owner was making late payments and ruined my credit. He makes late payments every month. I once had a credit score of 780 and now I'm afraid to look but I'm sure it's low 600's. I can't get any credit credit cards or loans because of this. The owner filed for bankruptcy 2 years ago and cannot refinance becuase of his poor credit. He has been giving me the run around for 2 years. He has ruined my credit and my life. He refuses to take any action to get my name off and cannot refinance. I want to sue him to show him I mean business. What can I sue him for?
I spoke to lawyers in Indiana (where the property is located) and they said all the can do is force him to sell. I do not have the money to afford a lawyer to go through that process and the house is a complete disaster and probably wont sell anyway. I have been trying to find a way out of this mess for a year. The owner has lied throughthis whole year and will not do anything to get my name off. I do not want to be on his mortgage for the next 20 years and have him ruin my credit!
As a coborrower, you are equally liable for the who balance of the debt. If he is not able to pay then the lender can hold you liable for the debt. A deed only transfers the ownership interest, not the debt. The only way to sever you debt liability is to have the lender release you from the liability (which I doubt they would do) or he refinances the debt but you can not force him to refinance. The only thing you can do is force a sale. Sorry.
There isn't one single thing I can sue him for? He has ruined my credit. I just cannot accept the fact that I will be resposible for HIS house for the next 20 years. He will never make payments on time.
No, unfortunately not. Any claim you could sue upon would be actions prior to creation of the mortage if there was an issue of fraud or something along those lines, but even that would be difficult to prove.
The only thing you can do is cut you lose by forcing a sale of the house.
Practicing Attorney for over 20 years and College Professor for over 10 years
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