Posted on: 22nd Apr, 2010 06:09 pm
i co-signed for my mother on a home loan, while i was deployed to afghanistan. she has been deliquent on 5 payments. how can i remove my name off the loan? i am the co-borrow. what do i need to do? oh and to help matters they cant afford it because they are always on trips?
hi guest!
welcome to forums!
you will have to ask your mother to refinance the loan in her name in order to remove you from the mortgage docs. however, as your mother is delinquent on the mortgage payments, she won't be able to refinance the loan. it would be better if the property is sold off in order to pay off the lender. if there is a delinquent balance, then you or your mother will have to pay it off.
feel free to ask if you've further queries.
sussane
welcome to forums!
you will have to ask your mother to refinance the loan in her name in order to remove you from the mortgage docs. however, as your mother is delinquent on the mortgage payments, she won't be able to refinance the loan. it would be better if the property is sold off in order to pay off the lender. if there is a delinquent balance, then you or your mother will have to pay it off.
feel free to ask if you've further queries.
sussane
there's nothing you can do by yourself to remove your name from the promissory note. sussane is right in suggesting that your mom would need to refinance, or else sell the property to pay that loan in full.
Hi,
It is absolutely up to your mother who can refinance the loan on her name but as she is delinquent on her payments all she can do is to sell off her property to pay off the loan.
It is absolutely up to your mother who can refinance the loan on her name but as she is delinquent on her payments all she can do is to sell off her property to pay off the loan.