Legal Question in Real Estate Law in Maryland

Getting off a Mortgage

I cosigned for my parents loan over 13 years ago, I'm now trying to buy my own home, I was told by a realtor if I pay him $500 he would get me off the loan. I would have to write a letter telling the mortgage company what happen and my parents would have to write a letter telling them what happen is this true or is he just trying to get my money? What way can I get off the loan because I don't live there and I never did.


Asked on 6/26/09, 10:18 am

1 Answer from Attorneys
Robert Sher Wagshal and Sher

Re: Getting off a Mortgage

I would not pay the realtor any fee for this. In the eyes of the lender, you are no different from your parents as far as your responsibility for the loan is concerned. Where you live is irrelevent.

If the loan is current and the payment record is good, given the passage of time the lender may be willing to release you from the loan. A release would have to be recorded in the land records to free up your credit. The lender will probably charge you a release fee for this, usually $100 or so, plus $30 to record the release.

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Answered on 6/26/09, 2:53 pm


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