Dual ownership of a home

[disstressed]

My parents asked me to buy a home and use my credit with my dad as a co-signer in 2005. I now want out of this deal. I have to admit I did not really see the house when they were buying it but realized after wards not only was in need of a lot of major repairs, damaged, the house is just plain ugly. The house was basically purchased for profit but since they have other homes they refinanced on this home with me a year after the purchase so that they could afford to pay for their other homes. Can I sign my self out of the purchase or deed of this home without horribly affecting my credit as I would eventually like to purchase my own home with my husband. What can I do. And I don't much care about family ties at this point my parents have ruined it if there was anything more than family ties between them and myself, I just want out!!!

 

[Michael Wechsler]

Without paperwork your question cannot be answered - my guess is "no." If you co-signed for a loan, the lender will probably not just let you - the security - walk away for nothing. You agreed to pay back this loan in case your parents couldn't pay it back.

Unfortunately, this is the classic problem with America. You mention that your parents have other homes - why aren't they selling those homes to pay for this one? If you want out of this deal, sell the home. If you're making a profit, I'm not sure I see the problem.