Posted on: 15th Jun, 2009 04:01 pm
i am a cosigner to my mother's mortgage, is there anyway to remove my name without refinancing. ??? she refuses to refinance and threatens not to pay the bill. help
Unfortunetly not. You have to refinance the property to remove your name.
rebeccarose84
Welcome to the forum
Your mother needs to refinance in alone o remove your name from the loan.
She need to show enough income to qualify for the loan
Good luck and feel free to ask
Welcome to the forum
Your mother needs to refinance in alone o remove your name from the loan.
She need to show enough income to qualify for the loan
Good luck and feel free to ask
she can't refinance because she doesn't make nearly enough money. The house is on the market but god knows how long it will take to sell. AHHHH help. If we do a short sale on the house, how bad will it hurt my credit?
rebeccarose84
If you are current on the payment and if you do a short sale you will see 50 - 100 point hit on your credit score. But you need to get a good shortsale realtor who can work with yoru bank to negotiate well.
Also make sure that the bank does not come after you on the deficient amount. If they forgive your deficient amoutn from yoru short sale, they will probably send you 1099-C which will need to be reported as income when you file your taxes, but due to the current law you are not liable for any taxes on it.
Good luck and feel free to ask
If you are current on the payment and if you do a short sale you will see 50 - 100 point hit on your credit score. But you need to get a good shortsale realtor who can work with yoru bank to negotiate well.
Also make sure that the bank does not come after you on the deficient amount. If they forgive your deficient amoutn from yoru short sale, they will probably send you 1099-C which will need to be reported as income when you file your taxes, but due to the current law you are not liable for any taxes on it.
Good luck and feel free to ask
How soon will you update your blog? I'm interested in reading some more information on this issue.
you along with your mother are answerable for payment.
Could you take over the payment? Or maybe rent it out in the meantime?
I have medical issues that have caused me not to make my monthly mortgage. My mother is the co-signer. Can I apply for a short sale or foreclose on my house without my mom being forced to pay the mortgage? She is retired and has substantial assets. Can they go after those assets?Sue her etc???