My Father Removed Himself From A Home Loan After Asking My Wife And I To Cosign. What To Do Next?
When wanting to purchase a more affordable home in 2024, my father asked my wife and I to cosign with him on a loan to help him get a house. He stated that he would then refinance after 6 months of payments to have us removed, so that it would allow my wife and I to then no longer be financially responsible for the house.
Upon signing the escrow paperwork, my wife and I found that my dad had himself removed from the loan and was now only on title. When confronting my father with this, he brushed it off, stating, "Don't give me that s*** right now."
Aside from the heavy emotional toll this has had on my wife and I, what steps can we now take to ensure that everything is handled legitimately and legally when we and my father attempt to refinance, removing the 2 of us from the responsibilty of the house, and putting my father as the sole owner? My wife and I plan to buy our own house in the near future, but being cosigned onto a loan for a house we don't want can remove that possibility for as long as we are attached to the house we currently live in with my father.
At this point, we want to take any steps necessary to make sure that my father can't fake/alter an attempt to refinance for the sake of he not having to be legally financially responsible for the house that he lied his way into. My wife and I are open to any legal suggestions you may have. We've always dreamed of being homeowners, however, this is not the way we ever wanted it to happen. Aside from the personal issues here, any and all advice would be much appreciated. Please excuse our ignorance in this area of the legal system/real estate, and thank you for your time. We are happy to answer followup questions to help clarify any further details.
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