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What does a letter of indemnification mean and how will affect me?

Chino, CA |

Bought a house in 07 with 2 other people and we're trying avoid foreclosure and short sale our house. We had the house sold but due to my room mate filing for BK the sale was canceled . His BK was discharged and we're trying to short sale again but now my room mate who filed for BK is asking us to sign this letter of indemnification but I'm not sure if we should or how it will affect us.

also all of 3 are owners and all of us have moved out and left the property vacant. The letter states: the undersigned hereby acknowledges receiving this letter. On behalf of himself or herself and his or her family and personal representatives, the undersigned hereby agrees to indemnify, release and forever discharge _________, from any and all loss, liability, actions, claims and demands of any nature, past, present or future, that may result from or be in any way related to the undersigned's activities conducted in regards to the property ________________________.

Attorney Answers 2

Posted

No attorney can realistically advise you online about the meaning and consequences of signing a document (letter of indemification) without having read it.

I assume your "roommate" who filed for bankruptcy was a co-owner of the house?

The information presented here is general in nature and is not intended, nor should be construed, as legal advice. This posting does not create any attorney-client relationship with the author (who is only admitted to practice law in the State of California). For specific advice about your particular situation, consult your own attorney.

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5 comments

Asker

Posted

Yes all 3 of us are owners.

Frank Wei-Hong Chen

Frank Wei-Hong Chen

Posted

The proposed indemnification agreement appears to be too vague. What is meant by "activities conducted" in regards to the property?

Asker

Posted

I dont know what is meant by "activities conducted" All the other owner and myself are doing as of right now is trying to get the approval to do a short sale again.

Asker

Posted

Our property can foreclose at anytime so I'm guessing he thinks by having us sign this letter he wont be held responsible for the property.

Frank Wei-Hong Chen

Frank Wei-Hong Chen

Posted

That's probably true.

Posted

I agree with Frank that more information is needed than can be discussed online. My recommendation would be to have a lawyer review the entire document and the surrounding circumstances regarding the house before you sign any documents.

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