Open Question: What are my legal options of getting off a co-signed mortgage?

[Administrator]

I cosigned on a mortgage AND home equity loan over 5 years ago for my sister (and her husband) under the verbal agreement that they would get their act in order and refinance to get my name off the mortgage and loan within a year or two. Well it's been over 5 years and not only are they doing nothing to get my name off their debt, but they have completely ruined their credit as well as mine. I am on the deed but with only 1% interest. I have been asking her for the past 2 years to hold up her end of the agreement to no avail. I recently got married and purchased a home of my own - but could not put my name on our house because I am carrying this other debt. My husband is carrying all of our debt under his name, while I am carrying my sister's. I'm pretty much screwed unless this gets taken care of. I am currently seeking legal advice, and quite possibly will take her to court, but that will cost me a lot of money. Does anyone have any insight on how to handle this situation?I am thinking there must be a way to force her to sell the house to repay the mortgage and the home equity loan - and thereby satisfying the loan that's under my name?


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