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How can i remove cosigner from my mortgage?

I have had a motgage for the last 4 years never been late, however my credit score remains low, under 500. I need to get the co signer off as she has cancer (terminall). what can I do.

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

One option is you can refinance the mortgage in your name only.

Adonis

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Hteresa

Welcome to Forums

[quote:746f6a2be5]I have had a motgage for the last 4 years never been late, however my credit score remains low, under 500. I need to get the co signer off as she has cancer (terminall). what can I do.[/quote:746f6a2be5]

Few lenders can do this for you by having you to fill out a piece of paper
(I forgot what it is called). So you can consult with your current lender.
But signing will not remove her from the title..that can be done with a [url=http://www.mortgagefit.com/quitclaim-deed.html]Quit Claim Deed[/url].

Thanks

Nicss

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I agree with Adonis and Nicss.

Thanks,
Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Nicss has mentioned some document name, can I have the name of that document.

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Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Lina,

I think Nicss is talking about the mortgage note where you will find signatures of your co-signer along with yours. What I will suggest is that you consult your lender and find out if he will allow you to remove the co-signer's name from the note.

Thanks,

Caron.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i co-signed a student loan for a friend and that friend has rniged on the loan. how can i be removed as the co-signer.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Akim,

By co-signing a loan you take the responsibilty on behalf of the borrower. If your friend is unable to make payments, you are going to get affected by it.

As a co-signer you assume the responsibility to make repayments in case the borrower defaults on a loan. This makes co-signing risky as if the loan is not repaid in time your credit is going to be equally affected.

I shall advice you to talk to your friend and discuss for a way out. I am checking for more detail to see if there is any other way out.

Kindly check back.

James

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

is it possible for him to re-finance the loan through another company and remove me as the co-signer?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Akim,

Yes it is possible to refinance a student loan and thus get your name off. But that requires you to find a suitable lender who will agree to refinance the loan in your friend's name.

I have doubt on this because your friend is already at default and remember he could not qualify for a loan previously on his own.

But there is no harm in giving it a try. Approach the current lender first. If he agrees then it is good otherwise, look for someone else.

I wish you come out of this problem soon.

James

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

thanks a lot James. I appreciate all your help.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What can i do as a borrower who has a cosigner (daughter) who refuses to sign her name off of the mortgage loan?

Pls. Help!

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Tray,

You can talk to the lender and explain the reason why you would like to remove your daughter from being a co-signer and if the lender feels your reason is valid he will agree to remove her from the mortgage.

Also if the lender feels your financial status is good to keep up with the monthly payments and your credit score is also good then he can agree to it. You can also ask about refinancing the loan to remove her name.

Thanks
Daniel Morris

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thank you so much D. morris! I'll visit my lender first thing Monday. I'll let you know how it goes!

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my house mortgage is in my sister name and I'm in the deep bout I need to put my house in my name i'm the one that pay the mortgage it is onother way to do it that i dont have to refanacil

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Dalis!

You can go for the process of [url=http://www.mortgagefit.com/know-how/novation-mtg.html]novation[/url] if you do not want to refinance. But the lenders generally prefer refinancing.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a trailer and when I got the trailer 9 yrs ago, I needed a co-signer. I have paid the monthly payments on time every month for the 9 yrs. how can I get the co-signers name off and do I need a lawyer to do that

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Lottie!

Welcome to forums!

In order to remove the co-signer's name from the mortgage, you will have to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the mortgage. However, when you refinance, the lender would check your credit and income. If it does not satisfy the lender's requirement, then you will not be able to refinance the mortgage.

Feel free to ask if you have further queries.

Sussane

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

lottie, approach your lender to see if they'll refinance your loan at this time. in so doing, you can eliminate the cosigner's liability. your first step is to determine if you'll qualify based on the lender's criteria.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I HAVE A MORTGAGE WITH MY EXWIFE BEING THE COSIGNER. tHE COURT IS MAKING ME SELL MY HOME TO REMOVE HER FROM THE LOAN. My credit is too low to refinance. Is there any other means to remove her from the original note?

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi TBARR,

There is no other way to remove her from the loan. Apart from a refinance, a [url=http://www.mortgagefit.com/know-how/novation-mtg.html]novation[/url] agreement could have taken your wife off the loan. But for your lender to approve the novation agreement, you have to have a decent credit score. With a poor credit score, you hardly have any other option to remove your ex from the loan.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I need to find out how to take my name of the lease to my mother's house im the co-signer on it but we had some problems and she threw me out so now i want to know how to take my name of the lease?......please can somone help me out......

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

That is easier than removing your name from a mortgage. Try asking the landlord to draw up a new lease without your name on it.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I would like to know how soon can a borrower have the co-signer sign a [url=http://www.mortgagefit.com/quitclaim-deed.html]Quit Claim Deed[/url] to remover the co-signer removed :?:

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi tony,

The co-signer can sign a quit claim deed and remove his name from the property deed any time. However, if you want your co-signer's name removed from the mortgage, you will have to refinance the loan in your name. As long as you qualify for the mortgage on your own and there's no prepayment penalty on the current mortgage, you can refinance the loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

hi i bought ahouse 7 years ago with my wife and last year i refinanced the house by requesting my name alone without my wife but they made my wife sign few doc.saying it's just to preserve her rights in case of divorce or selling the house. I need to know if i default on any payment or- god forbid-if foreclosure does her credit get ruined? please let me know

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

To abe,

Did your wife sign on the mortgage note when you refinanced? If she is not on the mortgage note, her credit will not be affected just in case the house goes into foreclosure. She can check her credit report to see if the mortgage obligation still appears on the report. If it does appear on the credit report, it means her name is still on the mortgage and she could be held liable for the default.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

she has the rent money but bad credit. stable job but Im still haven second thoughts.

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi AP,

Once you co-sign on the loan, you become fully responsible for it. Thus, in case your daughter stops making the monthly payment, you could be held responsible for the default. You can even be sued by the lender. Thus, you must consider the pros and cons of co-signing carefully before taking a decision. However, I'm not sure why she needs to take a loan if she is renting a home.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Dalis,

If you want to remove your sister's name from the mortgage loan then you need to speak to your lender and if the lender finds your credit score good and also your financial status good then they may agree to it otherwise you have to refinance it in your name.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

what if the person dnt wont to take the co-signer off the mortage but the co-signer wont of it

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

It won't be possible for the co-signer to remove his or her name from the property unless the primary borrower of the loan refinances the mortgage. Thus, the co-signer will have to negotiate with the primary borrower and convince him or her to refinance the loan.

Thanks

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mazeltovmortgage's picture
mazeltovmortgage | Joined: June 27, 2010 10:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

If all the payments were made on time for the past four years, the lender may allow a streamline [url=http://www.mortgagefit.com/refinance.html]refinance[/url] and let you refinace solely into your name.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I was under the impression that I was signing a deed for a friend for a six month period until the property was sold. However, it ended up with me being a cosigner for a loan. I feel stupid and betrayed

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Eve,

Your friend, who is the primary owner of the property, will have to refinance the mortgage in his or her name and remove you as the cosigner for the mortgage.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and If co signed for his sister in law for a mortgage. Three years later she passed away. Her husband cannot afford the payments, The house will not sell for what's owed on the property. Her husbands name is not on the mortgage, but I cannot find a warranty deed with our names on it, just my husbands brother and sister in law. He is now saying the house is his and wants to move in, but he is unemployed and cannot make payments. The house is currently rented. We are in Texas

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Sarahjane,

If your husband's brother has his name mentioned on the property deed, then he has ownership rights on that property and can move into it. You won't be able to stop him from moving him. Moreover, as his name is not mentioned on the mortgage docs, he is not liable for the mortgage payments.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Both my sister & Brother in law want out of my home loan. Since day one I have fully responsible for making the payments to my mortgage and have NO lates:) What could I do to take them off and refinance my home on my own. Keep in mind that my credit is in the low 600's... I have complete proof that I have been making the payments from my personal bank acct since day one of owning this place. They do not want their name on the loan whatsoever. Please help me to see what options I have in this case!
Thank you!

Despirately seeking an answer~

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My sister in law has never missed a payment. but in the last 2years she has missed so many payments, i want out of being her cosigner. how where would I go to get my name off of her morgage. It is getting worse every month. I have confronted her many times. I can't afford to keep paying her morgage, my kids come first.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Dee,

You will have to refinance the mortgage in order to remove the cosigner from the loan. If they are on the property deed, you can ask them to sign a quitclaim deed in order to transfer property to you.

To Guest,

You will have to ask your sister-in-law to refinance the mortgage in order to remove your name from the loan documents.

Thanks

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skyden.dredge's picture
skyden.dredge | Joined: July 22, 2011 01:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You can consult your lender regarding this. In order to remove the name of the co-signer, you can take the help of a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url].

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kayleemegn1's picture
kayleemegn1 | Joined: July 7, 2012 01:22 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

It’s not possible until and unless the borrower wants it. However, if he refinances his loan in future then you can take your name off as co-signer of mortgage and keep your credit scores safe. Therefore, you should reconsider your decision before co-signing a loan. Read more at: "financeaz.com/what-one-should-consider-before-co-signing-a-loan/"

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