Posted on: 30th Jul, 2009 11:02 am
I got a loan for a Townhome with my mother 2 years ago with Citimortgage and we paid together until 12/08. Now, I am married and I decided to move out of my mother's house and start my own home with my wife. So, my mother applied to get a loan modification since the total house income is reduced, our loan was with Fannie Mae and we got an advisor from ACORN HOUSING and we summit all the documentation (expenses-incomes) thru this agencie, they said that they summit the documentacion on 06/25/09 to Citimortgage and I would like to know how long time will take to get a reply from Citimortgage,if they are really helping with the modification and if there is a possibility that I would be out of the loan since I am the co-borrower, I am not trying to save my responsability but if how can you handle this situation when it is between mother and son? I mean it is not like a marrige where you get a divorce, please advise.
Hi legd!
Welcome to forums!
Your mother will have to refinance the mortgage in her name in order to remove your name from the mortgage docs. As far as the property is concerned, you'll have to sign a quitclaim deed and remove your name from the property deed.
If your name is still there on the mortgage docs, you won't qualify for a new mortgage. A loan modification would help your mother in reducing the interest rate paid on the mortgage but it won't remove your name from the mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your mother will have to refinance the mortgage in her name in order to remove your name from the mortgage docs. As far as the property is concerned, you'll have to sign a quitclaim deed and remove your name from the property deed.
If your name is still there on the mortgage docs, you won't qualify for a new mortgage. A loan modification would help your mother in reducing the interest rate paid on the mortgage but it won't remove your name from the mortgage.
Feel free to ask if you've further queries.
Sussane