Hello,

Posted on: 31st Mar, 2007 06:10 pm

Hello,

Before I was married I bought a condo and my mom co-signed with me. After I got married we did not want to lose the great terms of our mortgage so my mom didn't mind staying on the mortgage instead of refinancing to get my husband onto the mortgage. Now my mom is buying a new condo of her own. Is there anyway that my husband can be switched out for my mom on our mortgage withour refinancing?

Total Reply : 4

"Is there anyway that my husband can be switched out for my mom on our mortgage withour refinancing?"
Lender will not agree to such kind of arrangement. Switching of co-signer is normally not allowed but still you should talk with lender about it. I have doubts that he will agree.

Anonymous

Posted on: 31st Mar, 2007 07:27 pm

To take off a co-signer the loan will have to be refinanced. I do not think any such change over can be possible.

Anonymous

Posted on: 31st Mar, 2007 07:45 pm

hi lisali,

yes, your husband can get his name on the loan by taking out your mother's name off it. the legal process of doing it is called novation. this way, your mom's name can be taken off the loan.

thanks,
jerry

jerry

Posted on: 01st Apr, 2007 09:56 pm

But jerry, Lisali's mother has just signed as the cosigner. So, she is not actually responsible for the regular monthly payments. Instead, she is responsible to pay off the loan only when Lisali defaults. So, I don't think her mother's name can be removed by novation.

I think Lisali should talk to the lender and have her mom's name removed from the loan. Then she can refinance the loan in her name and her husband's name.

Thanks
James.

jameshogg

Posted on: 01st Apr, 2007 11:58 pm

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