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rciliberto · Joined: 17 Jul 2008 Posts: 1 1.33 Dollars($)

i live in California + cosigned on property in N Y State with my daughter-in-law it is her residence I wish to remove my name from the mortgage how is the least expensive way to do that I am on a fixed income retired thank you rosemeri

adonis · Posted: Thu Jul 17, 2008 9:41 pm Post subject:

Welcome Rciliberto,

It's not easy removing a cosigner's name. Did your daughter use your credit/income to get qualified for the loan? then it'll be more difficult and the lender won't agree until you refinance.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi rciliberto.

Welcome to the forum.

Are you with your daughter-in-law in the mortgage? Then ask your daughter-in-law to refinance the mortgage on her name. If she cannot be able to refinance, then talk to the lender and check out if Novation is possible or not. BTW just to inform you that lenders doesn't usually agree for novation. Know more about novation at http://www.mortgagefit.com/discuss/about2085.html

Feel free to ask if you have any further questions.

Best of luck.
Larry

jasonpolito · Posted: Fri Jul 18, 2008 7:11 am Post subject:

Is it completely necessary for you to remove her name? I think the process is difficult from what I have read, so make sure you are 100% on this.

sweeney · Posted: Sun Jul 20, 2008 2:20 pm Post subject:

If you want your name removed from the mortgage, you have to refinance to payoff the old note. I don't know of any lender that will just remove your name from the current note.

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