Posted on: 11th Jul, 2011 11:59 pm
I'm a cosigner for my niece's mortgage. I want to remove my name as the cosigner as I plan to buy a new home of my own. As a cosigner, can I have my have my name taken off a debt?
hi rachael,
a cosigner can remove his/her name from the mortgage/debt provided the primary owner of the property refinances the mortgage in his/her name. you will have to ask your niece to refinance the mortgage in her name. once she does so, you'll be released from the financial responsibility toward paying the mortgage. however, if your niece does not meet the required criteria to refinance the mortgage, then you'll remain a cosigner for it.
thanks
a cosigner can remove his/her name from the mortgage/debt provided the primary owner of the property refinances the mortgage in his/her name. you will have to ask your niece to refinance the mortgage in her name. once she does so, you'll be released from the financial responsibility toward paying the mortgage. however, if your niece does not meet the required criteria to refinance the mortgage, then you'll remain a cosigner for it.
thanks
I don't disagree with Jerry's bottom line answer, but the first sentence seems to indicate that a cosigner would have the ability to "remove his/her name" from the obligation, which cannot happen. The description of what needs to take place is true - the borrower in question would need to refinance in order to relieve you of any additional liability, Rachael.
