How can i remove cosigner from my mortgage?

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Icon Mini Profile hteresa5





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Post Posted: Tue Apr 11, 2006 5:39 am    Post subject: How can i remove cosigner from my mortgage?
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I have had a motgage for the last 4 years never been late, however my credit score remains low, under 500. I need to get the co signer off as she has cancer (terminall). what can I do.
Icon Mini Profile adonis
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Post Posted: Tue Apr 11, 2006 7:27 am    Post subject: RE
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One option is you can refinance the mortgage in your name only.

Adonis

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Icon Mini Profile Niicss
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Post Posted: Tue Apr 11, 2006 7:37 am    Post subject: RE
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Hi Hteresa

Welcome to Forums

Quote:
I have had a motgage for the last 4 years never been late, however my credit score remains low, under 500. I need to get the co signer off as she has cancer (terminall). what can I do.



Few lenders can do this for you by having you to fill out a piece of paper
(I forgot what it is called). So you can consult with your current lender.
But signing will not remove her from the title..that can be done with a Quit Claim Deed.

Thanks

Nicss

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Icon Mini Profile jerry
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Post Posted: Tue Apr 11, 2006 7:17 pm    Post subject: RE:
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I agree with Adonis and Nicss.

Thanks,
Jerry
Lina

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Post Posted: Wed Apr 12, 2006 12:34 am    Post subject: RE
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Nicss has mentioned some document name, can I have the name of that document.
Icon Mini Profile Caron
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Post Posted: Wed Apr 12, 2006 12:49 am    Post subject: RE:
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Hi Lina,

I think Nicss is talking about the mortgage note where you will find signatures of your co-signer along with yours. What I will suggest is that you consult your lender and find out if he will allow you to remove the co-signer's name from the note.

Thanks,

Caron.
Akim Alimi

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Post Posted: Fri Apr 21, 2006 9:56 am    Post subject: removing a co-signer on a student loan
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i co-signed a student loan for a friend and that friend has rniged on the loan. how can i be removed as the co-signer.
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Icon Mini Profile jameshogg
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Post Posted: Fri Apr 21, 2006 10:07 am    Post subject:
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Hi Akim,

By co-signing a loan you take the responsibilty on behalf of the borrower. If your friend is unable to make payments, you are going to get affected by it.

As a co-signer you assume the responsibility to make repayments in case the borrower defaults on a loan. This makes co-signing risky as if the loan is not repaid in time your credit is going to be equally affected.

I shall advice you to talk to your friend and discuss for a way out. I am checking for more detail to see if there is any other way out.

Kindly check back.

James
Akim

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Post Posted: Fri Apr 21, 2006 10:15 am    Post subject: removing a co-signer from a loan
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is it possible for him to re-finance the loan through another company and remove me as the co-signer?
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Icon Mini Profile jameshogg
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Post Posted: Fri Apr 21, 2006 10:22 am    Post subject:
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Hi Akim,

Yes it is possible to refinance a student loan and thus get your name off. But that requires you to find a suitable lender who will agree to refinance the loan in your friend's name.

I have doubt on this because your friend is already at default and remember he could not qualify for a loan previously on his own.

But there is no harm in giving it a try. Approach the current lender first. If he agrees then it is good otherwise, look for someone else.

I wish you come out of this problem soon.

James
Akim

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Post Posted: Fri Apr 21, 2006 10:30 am    Post subject: removing a co-sighner from a loan
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thanks a lot James. I appreciate all your help.
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Tray

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Post Posted: Thu Oct 05, 2006 6:00 pm    Post subject: removing a co-signer who is reluctant to leave.
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What can i do as a borrower who has a cosigner (daughter) who refuses to sign her name off of the mortgage loan?

Pls. Help!
D. Morris

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Post Posted: Thu Oct 05, 2006 6:19 pm    Post subject:
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Hi Tray,

You can talk to the lender and explain the reason why you would like to remove your daughter from being a co-signer and if the lender feels your reason is valid he will agree to remove her from the mortgage.

Also if the lender feels your financial status is good to keep up with the monthly payments and your credit score is also good then he can agree to it. You can also ask about refinancing the loan to remove her name.

Thanks
Daniel Morris
tray

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Post Posted: Sat Oct 07, 2006 1:53 pm    Post subject: removing co-signer
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Thank you so much D. morris! I'll visit my lender first thing Monday. I'll let you know how it goes!
dalis

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Post Posted: Wed Oct 08, 2008 7:59 am    Post subject: morge
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my house mortgage is in my sister name and I'm in the deep bout I need to put my house in my name i'm the one that pay the mortgage it is onother way to do it that i dont have to refanacil
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