Posted on: 31st Jul, 2008 05:51 pm
Can I remove a cosigner on a home if they put down the down payment, when I am the main borrower?
I co-signed on a town home for my boyfriend and I am the main borrower to the $119,000 loan. I want to remove him as the cosigner but he gave the $40,000 down payment. He is currently unemployed and has been for the past year. I do not want the house to foreclose and ruin my credit, Is there any possible way to remove him with a quick deed removal and refinance the mortgage in my name? And if so what if he refuses to sign the quick deed in order to keep the home and me as the main borrower
I co-signed on a town home for my boyfriend and I am the main borrower to the $119,000 loan. I want to remove him as the cosigner but he gave the $40,000 down payment. He is currently unemployed and has been for the past year. I do not want the house to foreclose and ruin my credit, Is there any possible way to remove him with a quick deed removal and refinance the mortgage in my name? And if so what if he refuses to sign the quick deed in order to keep the home and me as the main borrower
Yes, you can refinance into your name and remove his name from title with a quit claim. However, he has to be willing to do this and sign the quit claim. He may also want you to buy him out of his share of equity in the property.
Hi fergdoll.
Welcome to the forum.
To remove the cosigner, you will have to refinance the mortgage on your name only. If he refuses to sign the quitclaim deed then you can simply pay him his share of the equity to him and ask if to quitclaim. Even after that if refuses to sign the quitclaim deed then you can file Partition Lawsuit
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
To remove the cosigner, you will have to refinance the mortgage on your name only. If he refuses to sign the quitclaim deed then you can simply pay him his share of the equity to him and ask if to quitclaim. Even after that if refuses to sign the quitclaim deed then you can file Partition Lawsuit
Feel free to ask if you have any further questions.
Best of luck,
Larry
can my boyfriend cosign my loan and let the deed stay in my name only
Hi Rita Wells!
Welcome to Forums!
Yes, your boyfriend can be a co-signer to your loan.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
Yes, your boyfriend can be a co-signer to your loan.
Feel free to ask if you have further queries.
Sussane
My boyfriend and I are the main borrowers on a loan and my father is a co signer. If I was wanting to drop my boyfriends name from the loan we would have to refinance. Is this correct or ca we just drop his name?
you will have to work something out with the cosigner. something that is agreeable to you both. i would think that the cosigner would expect the 40k back before agreeing to be removed from title. then you will have to refinance the property in just your name to remove him or her from the mortgage loan. at closing of the mortgage, the title company can prepare a quit claim deed to remove him or her and you would be the only one on title and the loan.
I also wanted to add to my post that you may be able to pull the cash out of home if there is enough equity in the refinance so there is no out of pocket expense. This is a maybe just depending on the current equity position but wanted to let you know this may be an option.
I have a mortgage loan with my sister as a co borrower non-occupant, will I be able to drop her name from the loan? She didn't provide money or anything, she is only a co-signer for the loan. Can I take her name off the loan?
Thanks in advance..
Thanks in advance..
Hi Lovi!
You will be able to remove your sister's name from the mortgage by refinancing it. You can contact your current lender and he will tell you what you will have to do in this regard.
Thanks.
You will be able to remove your sister's name from the mortgage by refinancing it. You can contact your current lender and he will tell you what you will have to do in this regard.
Thanks.
can you remove a cosigner from the title in california even if they are still on the mortgage loan for assessment purposes
Hi sgarber
If you want to remove your cosigner from the mortgage doc, you will have to inform the lender first and also refinance the mortgage in your name. If you are unable to refinance the mortgage, then the lender would not allow you to remove the co-signer from the mortgage.
Thanks.
If you want to remove your cosigner from the mortgage doc, you will have to inform the lender first and also refinance the mortgage in your name. If you are unable to refinance the mortgage, then the lender would not allow you to remove the co-signer from the mortgage.
Thanks.
when you cosign on a loan thats ti affect your taxes
Hi ricky!
Welcome to forums!
Until the primary borrower defaults on the payments and you start paying the mortgage dues, I don't think cosigning a loan would affect your taxes. Once you start paying off the loan on a regular basis, you can then claim deductions on your taxes.
Sussane
Welcome to forums!
Until the primary borrower defaults on the payments and you start paying the mortgage dues, I don't think cosigning a loan would affect your taxes. Once you start paying off the loan on a regular basis, you can then claim deductions on your taxes.
Sussane
i would to know if it possible to have my name remove from a house that i help a family member of my purchase and the broker also put me as the main borrower because my credit was higher. Now i would like to know how can i remove my name as the main borrower and add my familly name as the main borrower because she had her credit fixed?
since your family member has improved credit score, you can ask her/ him to refinance mortgage in her/ him name. it will automatically remove your name from mortgage