Posted on: 18th Nov, 2007 07:56 pm
I co-signed on a mortgage loan for my son, he is behind on 1 payment and the banks are calling me. Can I quick claim myself off the house and not be liable as a co-signer?
Hello Jimmy,
Are you on the deed too?
If you sign a quit claim, that will transfer the ownership to your son completely but you are not released from the mortgage obligations.
As the co-signor on the mortgage note you are legally responsible for making the payments in case of the primary borrower's default.
I don't think the lender will allow to take your name off the note, as your son is already behind on a payment.
Are you on the deed too?
If you sign a quit claim, that will transfer the ownership to your son completely but you are not released from the mortgage obligations.
As the co-signor on the mortgage note you are legally responsible for making the payments in case of the primary borrower's default.
I don't think the lender will allow to take your name off the note, as your son is already behind on a payment.
simple answer is NO
when you cosighn you accept the responcibility for the mortgage so if your son doesnt pay its up to you to make it right. You 2 will have to work it out b4 it ruins your credit as well as your sons.
when you cosighn you accept the responcibility for the mortgage so if your son doesnt pay its up to you to make it right. You 2 will have to work it out b4 it ruins your credit as well as your sons.
