Posted on: 24th Feb, 2013 11:02 pm
My house is worth about $650,000 and mortgage left is about $330,000. The mortgage has been cosigned by my brother and has an interest rate is 5.37%. Currently my brother wants to be off from my mortgage. And because of I have a very low or poor credit score I can not qualify and to hold the mortgage by myself. My brother has threatened to sue me if he is not out of the mortgage soon. How ca I take him off the mortgage?
hi kelvin,
well you're in a tough situation. in order to remove your brother from the mortgage, you will have to refinance the loan. but as you have a poor credit score, it will be difficult for you to refinance the loan. you may contact the lender and try to assume the loan. check out if that option works for you. however, most lenders will prefer borrowers with good credit to assume the loan.
take care.
well you're in a tough situation. in order to remove your brother from the mortgage, you will have to refinance the loan. but as you have a poor credit score, it will be difficult for you to refinance the loan. you may contact the lender and try to assume the loan. check out if that option works for you. however, most lenders will prefer borrowers with good credit to assume the loan.
take care.
Ask for some grace period from your brother before he carries out his promise of bringing a lawsuit against you. In the meantime, try to build up on your credit score.
However, as a second option, you can ask for bad credit refinance loan from your lender or from others, provided you have the necessary permission to do so from your current lender.
However, as a second option, you can ask for bad credit refinance loan from your lender or from others, provided you have the necessary permission to do so from your current lender.
There are some loans for bad creditors with or without a cosigner. You can get any of them to save you from the situation and make your brother not file the lawsuit. However, your options are quite limited, please have a talk with your brother on this and as for some more time from him. Wish you the best of luck.
since your brother wants to get removed from the mortgage, the only option you have is to refinance your present home loan. but, with poor credit score, you won't be able to get approval for refinancing. it will be best on your part to speak with your lender and find out your best possible option in this situation.