Posted on: 13th Oct, 2010 09:53 am
i cosigned a mortgage with my daughter. we have had the property for 7 years. we are now renting out because she cannot afford to live there any longer. how do we get her off the mortgage. the reason we cosigned was to help her establish credit. but because of her low income level and her name on this mortgage, she cannot qualify for any other type of credit. this defeats the whole reason we did this in the first place. the place is not worth what we owe, so we cannot refinance the fha mortgage and we dont want to short sale the property at this time. please advise. we are a sinking ship....
You'll have to refinance the mortgage in your name in order to get your daughter off the mortgage. Unless you refinance the loan, you won't be able to remove your daughter from the mortgage.
You're going to either have to work out a short sale or short pay-off and refinance. Those are your only two options.
