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How to erase a co-signature on a loan

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Christina Guest	Posted: Sun May 10, 2009 8:08 am    Post subject: How to erase a co-signature on a loan Like 0 Dislike 0 Hi, 3 yrs ago I co-signed a loan for my brother to buy a mobile home [after I had signed to purchase a mobile home]. We have both been renting [that is another question I'll ask some day] land from the same individual, but now he is selling the land at more than we can both afford. Anyway, I have found a nice littler piece of property, mobile home accessible, with public water [plus a well], septic and electric, out in the country yet also close to where I work. But I cannot get a loan because of co-signing for my brother. A friend of mine has said "If he has been paying on the mobile home since without any dropped or low payments in that 3 yr period, plus the fact that his credit score is now 800 or over, that I can get my name expunge off that loan contract. My question is: Can I, and if I can, How do I do it? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
gunzijjistaff Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)	Posted: Sun May 10, 2009 8:57 am    Post subject: Like 0 Dislike 0 Quote: that I can get my name expunge off that loan contract. Only credit score is not the single criterion rather lenders do consider the remaining amount to be paid on the contract while refinancing. so I think 800 score is sufficient to refinance.
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Sun May 10, 2009 10:02 pm    Post subject: Like 0 Dislike 0 Hi Christina! Welcome to forums! In order to expunge your name from the mortgage of your brother, your brother will have to refinance it in his name. You can ask your brother to speak to the lender and check out whether he qualifies for a refinance or not. Feel free to ask if you have further queries. Sussane
LG Guest	Posted: Sat Jul 10, 2010 11:21 am    Post subject: co signer Like 0 Dislike 0 What if a cosigner dies and leaves no estate?
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Mon Jul 12, 2010 1:01 am    Post subject: Like 0 Dislike 0 Hi LG, Your query is not clear to me. Can you explain it in details? This will help me as well as other members participating in the forums to help you. _________________ Procrastination is the enemy of your financial success
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Tue Jul 13, 2010 9:26 am    Post subject: Like 0 Dislike 0 LG, when a cosigner dies with no remaining assets, the cosignature of whatever debt there was dies with him. An estate that doesn't exist can no sooner make payments than a person who no longer exists. At least that's my interpretation of the query, Adonis. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Tue Jul 13, 2010 9:35 am    Post subject: Like 0 Dislike 0 And, of course, for those simply reading: it's impossible to "erase" a co-signature. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
peytonsmith Joined: 19 Jul 2010 Posts: 7 Location: Columbus, OH 2.09 Dollars($)	Posted: Mon Jul 19, 2010 9:45 am    Post subject: Like 0 Dislike 0 If he refinances in his name only or with a different cosigner, then you will be removed from his obligation. _________________

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