Posted on: 05th Apr, 2010 08:04 pm
hi i could use some help... im a cosigner on a mortgage with my ex-fiance. he's been behind in payments for the first year and is now just catching up, i've been getting different answers from the banks, the usual runaround. i've been told that a quit claim deed needs to be filed, then i was informed that it would only take me off the deed and not the bank loan so i would hv no rights to the house if it was to be sold but still be responsible for the loan. then i was informed that we can apply to a govt modification program and at that time we can remove me off the morgage. today i was informed that that is not the case it's just a modification and not a refinance. his credit has gone waay down and it looks like he may not be able to refinance without me as the cosigner. is there any help for me in getting out of this situation and are there banks or agencys that work with estranged couples on removing a cosigner? any info would greatly be appreciated!! thank you :) btw i'm in ny so i dont know if the laws are different here.
Also is it possible to refinance while applying for a govt program (ie mha of fha), during the process or after?? Thank u for ur time :)
Hi Simone,
You can remove your name as a co-signer from the mortgage only if your ex-fiancé refinances the loan in his name. A quitclaim deed will not help in this situation as it will only take your name off the property deed. The Govt. modification program will also not help as it will not remove your name from the mortgage. However, you can check out if your ex can qualify for the Home Affordable Refinance Program. If he qualifies for the refinance on his own, you will be relieved from the mortgage liability.
You can remove your name as a co-signer from the mortgage only if your ex-fiancé refinances the loan in his name. A quitclaim deed will not help in this situation as it will only take your name off the property deed. The Govt. modification program will also not help as it will not remove your name from the mortgage. However, you can check out if your ex can qualify for the Home Affordable Refinance Program. If he qualifies for the refinance on his own, you will be relieved from the mortgage liability.