removing a co-borrower from a mortgage loan

kelvinvin · Joined: 30 Aug 2006 Posts: 2 1.99 Dollars($)

I have a big problem
I own three multi-family houses.. the first house, my uncle helped me buy it because I couldn't qualify for the loan myself. It is almost 4 years now. He was trying to buy a house a month ago, and the lender told him that he has a house under him and he don't qualify for another loan. My question is, is there anyway I can remove him from the mortgage without refinancing. Currently I have a 5.5 30 year fix on the mortgage, and I don't want to lose the rate nor refinance.

sara

Hi,

Your uncle's name can be removed from the mortgage. But for that, you will have to request the lender. It is up to him as to whether he will allow you to take a co-borrower's name off the loan.

Thanks,

Sara.

kelvinvin · Joined: 30 Aug 2006 Posts: 2 1.99 Dollars($)

I have already contact my lender Washington Mutual and they sent me an assumption package.. now, I have checked my loan and it says that the loan is not assumable. is there anyway around? would the bank allow it, even though is not assumable?
some of the papers are confused to me, because I just want to remove him from the loan, and it asked me like if I was applying for a loan or something. I have asked for help on the branch and nobody knows. is there a place where I could go to help me with the application?

Guest 0.10 Dollars($)

Hi kelvin,

I have even heard that a lender can remove co-borrower's name from the loan only after a certain number of payments have been done at regular intervals.

Caron · Posted: Wed Aug 30, 2006 3:01 am Post subject: RE: Can co-borrower be removed?

Hi Kelvin,

I think you should show all the loan papers to a mortgage attorney and take his advice on this issue. It is better that you clarify all your doubts regarding the legal papers and then sign the papers to get the loan amount.

Thanks,

Caron.

Guest 0.10 Dollars($)

Generally, it is difficult to remove a co-borrower's name from the loan, as the person is equally responsible for the entire loan balance. There are cases where the court may decide that a co-borrower is no longer responsible for the loan. Then the primary borrower thinks of refinancing the existing loan in order to remove the co-borrower.

hope this can help.

Guest 0.10 Dollars($)

What happens to a mortgage loan if the co -borrower dies on a fixed rate contract. Would I have to re-apply

Guest 0.10 Dollars($)

what impact if any if the deceased co-borrowers name remained on the mortgage contract.

gmakerley · Posted: Wed Oct 01, 2008 1:06 pm Post subject:

rosa...as long as you continue to make mortgage payments as stipulated in your promissory note, you won't run into any difficulties.

[/b]mary...a coborrower's name stays on a mortgage contract whether deceased or not, until such time as the loan is paid in full. in other words, there is no impact.

gmakerley · Posted: Wed Oct 01, 2008 1:06 pm Post subject:

bad form above - i meant to put mary's name in bold and the text in standard type

kamlangkue · Joined: 13 Oct 2008 Posts: 3 2.18 Dollars($)

It is up to your uncle, ask him first.

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