How can i remove cosigner from my mortgage?

Hi Guest,

It won't be possible for the co-signer to remove his or her name from the property unless the primary borrower of the loan refinances the mortgage. Thus, the co-signer will have to negotiate with the primary borrower and convince him or her to refinance the loan.

Thanks

if all the payments were made on time for the past four years, the lender may allow a streamline refinance and let you refinace solely into your name.

I was under the impression that I was signing a deed for a friend for a six month period until the property was sold. However, it ended up with me being a cosigner for a loan. I feel stupid and betrayed

Hi Eve,

Your friend, who is the primary owner of the property, will have to refinance the mortgage in his or her name and remove you as the cosigner for the mortgage.

Thanks

My husband and If co signed for his sister in law for a mortgage. Three years later she passed away. Her husband cannot afford the payments, The house will not sell for what's owed on the property. Her husbands name is not on the mortgage, but I cannot find a warranty deed with our names on it, just my husbands brother and sister in law. He is now saying the house is his and wants to move in, but he is unemployed and cannot make payments. The house is currently rented. We are in Texas

Hi Sarahjane,

If your husband's brother has his name mentioned on the property deed, then he has ownership rights on that property and can move into it. You won't be able to stop him from moving him. Moreover, as his name is not mentioned on the mortgage docs, he is not liable for the mortgage payments.

Thanks

Both my sister & Brother in law want out of my home loan. Since day one I have fully responsible for making the payments to my mortgage and have NO lates:) What could I do to take them off and refinance my home on my own. Keep in mind that my credit is in the low 600's... I have complete proof that I have been making the payments from my personal bank acct since day one of owning this place. They do not want their name on the loan whatsoever. Please help me to see what options I have in this case!
Thank you!

Despirately seeking an answer~

My sister in law has never missed a payment. but in the last 2years she has missed so many payments, i want out of being her cosigner. how where would I go to get my name off of her morgage. It is getting worse every month. I have confronted her many times. I can't afford to keep paying her morgage, my kids come first.

Hi Dee,

You will have to refinance the mortgage in order to remove the cosigner from the loan. If they are on the property deed, you can ask them to sign a quitclaim deed in order to transfer property to you.

To Guest,

You will have to ask your sister-in-law to refinance the mortgage in order to remove your name from the loan documents.

Thanks

you can consult your lender regarding this. in order to remove the name of the co-signer, you can take the help of a quit claim deed.

It's not possible until and unless the borrower wants it. However, if he refinances his loan in future then you can take your name off as co-signer of mortgage and keep your credit scores safe. Therefore, you should reconsider your decision before co-signing a loan. Read more at: "financeaz.com/what-one-should-consider-before-co-signing-a-loan/"