Posted on: 26th Jan, 2010 01:15 pm
i'm listed as a co-borrower on my sister's mortgage and want to be removed because of the negative impact it has on my credit. it seems that they made 5 to 6 payments as scheduled and started missing payments after my sister lost her job. i'm also listed on the deed of another property in my boyfriend's name and we've been current with the payments for the past 3.5 years. this loan is also listed on my credit report. both loans are serviced by the same lender (us bank). i tried to refinance at a lower interest rate on the boyfriend's loan but couldn't and that's when i found out about the negligence on my sister's account. what can i do if anything to have my name removed from my sister's loan?
>>What can I do if anything to have my name removed from my sister's loan?
She needs to refinance the mortgage to get you off the Note - there aren't any other options. That's one of the risks with co-signing ... you're stuck if things go wrong - which is one of the reasons the Lender allowed you to co-sign. They need somebody to pay up if things go bad. The sad part is your credit - their tardiness is ruining your credit. It's always a bummer when you try to help other people out and they let you down.
She needs to refinance the mortgage to get you off the Note - there aren't any other options. That's one of the risks with co-signing ... you're stuck if things go wrong - which is one of the reasons the Lender allowed you to co-sign. They need somebody to pay up if things go bad. The sad part is your credit - their tardiness is ruining your credit. It's always a bummer when you try to help other people out and they let you down.