Posted on: 18th Jun, 2010 09:34 am
I co signed on a mortgage for another person in good faith , However in recent months the individual has to pay the mortgage on time and my credit is being adversely affected. I cannot afford to pay the mortgage. How can I remove my name?
A. Carolyn Edge
A. Carolyn Edge
Hi Carolyn,
It is really sad to know that. All you can do is tell the other signer to re-finance the loan in his/her name. However, it is totally up to that person to re-finance the mortgage. The lender will also need to approve the re-finance. If the other signer refuses to re-finance then you too will be liable to pay the loan otherwise it will affect your credit score negatively.
Hope this will help you.
It is really sad to know that. All you can do is tell the other signer to re-finance the loan in his/her name. However, it is totally up to that person to re-finance the mortgage. The lender will also need to approve the re-finance. If the other signer refuses to re-finance then you too will be liable to pay the loan otherwise it will affect your credit score negatively.
Hope this will help you.
a refinance is the correct procedure for this so you should encourage them to start this process. hopefully they can qualify on their own now. i assume you cosigned because they could not qualify on their own previously so you may want to have them apply now to see where they stand.