Posted on: 23rd Sep, 2009 07:26 am
Hello, I am trying to explain how it is possible to get off of a loan if you are a co-borrower. Here is the situation husband wife cannot qualify together wife FICO 25 points shy good income on time rental for a year her mother is willing to be the co-borrower but she is sketchy about never being able to be off the loan it will be an FHA loan so streamline is possible in future, how could i comfort her in knowing she is doing the right thing?
Hi robert!
Welcome to forums!
If your wife wants to get off the loan, she will have to ask the other co-borrower of the property i.e. her mother to refinance the loan in her name. Once she does so, your wife's name would be removed from the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your wife wants to get off the loan, she will have to ask the other co-borrower of the property i.e. her mother to refinance the loan in her name. Once she does so, your wife's name would be removed from the loan.
Feel free to ask if you've further queries.
Sussane