How can I get my name off a mortgage that is with a friend?

dalic11 · Joined: 11 Sep 2008 Posts: 1 1.32 Dollars($)

A friend and I have a mortgage together and she is not paying for it even though I haven't llived there in about 8 years. I an on;y the co-signer. If she let's it go into foreclosure will this affect my credit?

sweeney · Posted: Thu Sep 11, 2008 6:28 pm Post subject:

Hello- Yes, I'm sorry to say it will. To get your name off, she needs to refinance it into her name only, or sell the place and pay off the note. Good luck.

gmakerley · Posted: Fri Sep 12, 2008 8:50 am Post subject:

and, of course, i concur. once you sign a promissory note, you're obligated until that note is paid in full.

vegas_storms · Joined: 12 Sep 2008 Posts: 67 3.54 Dollars($)

Your credit is already being affected if you are the co-signer and she hasn't been paying the mortgage. Foreclosure will simple affect your credit even more.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.11 Dollars($)

See if your friend will refinance the property to remove you from the current mortgage. This is the only way other than selling the home or paying it off in full. Rates are low right now and since she has been paying the mortgage for 8 years I would think she could qualify on her own and probably get a lower interest rate and payment out of it. Rates recently dropped into the 5's on a 30 year mortgage.

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