Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

How can i remove cosigner from my mortgage?

Posted on: 11th Apr, 2006 05:39 am
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.
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
Posted on: 27th Mar, 2009 03:50 pm
hi lottie!

welcome to forums!

in order to remove the co-signer's name from the mortgage, you will have to refinance 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
Posted on: 27th Mar, 2009 11:03 pm
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.
Posted on: 28th Mar, 2009 05:00 am
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?
Posted on: 03rd Jun, 2009 12:58 pm
hi tbarr,

there is no other way to remove her from the loan. apart from a refinance, a novation 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
Posted on: 04th Jun, 2009 03:33 am
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......
Posted on: 28th Sep, 2009 03:51 pm
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.
Posted on: 28th Sep, 2009 05:26 pm
i would like to know how soon can a borrower have the co-signer sign a quit claim deed to remover the co-signer removed :?:
Posted on: 09th Mar, 2010 09:28 am
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.
Posted on: 09th Mar, 2010 11:19 pm
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
Posted on: 04th Apr, 2010 08:22 pm
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.
Posted on: 05th Apr, 2010 02:18 am
she has the rent money but bad credit. stable job but Im still haven second thoughts.
Posted on: 20th Apr, 2010 06:34 pm
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.
Posted on: 22nd Apr, 2010 12:06 am
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.
Posted on: 27th Apr, 2010 09:07 am
what if the person dnt wont to take the co-signer off the mortage but the co-signer wont of it
Posted on: 26th Jun, 2010 07:16 pm
Page loaded in 0.142 seconds.