Posted on: 17th Dec, 2009 06:22 pm
my boyfriend co-signed for his sister on a home loan. he says he has only signed papers in regards to if he qualified or not and he did. however, his sister now lets him know that she wont be needing him for the house anymore and that he only needs to sign some papers to be taken off the loan as a cosigner. she hasnt payed a mortgage to the house because she barely got it. so my question is if it is true that he can just sign some papers and be removed from the loan or does she have to refinance even though she barely got the house? because to my knowledge you do but maybe not? help please.
so the closing took place and she now is a homeowner? and she claims that he can sign a document or two that removes him as a coborrower? i suppose it's possible, but not plausible to be honest.
he may as well go check out this paperwork to see that it entails, but i hope he won't go there with the intent of being removed from the obligation, because i don't think that's going to happen.
it could be...i simply doubt it.
he may as well go check out this paperwork to see that it entails, but i hope he won't go there with the intent of being removed from the obligation, because i don't think that's going to happen.
it could be...i simply doubt it.
Hi prettynina,
Your boyfriend's sister will have to refinance the mortgage in order to remove your boyfriend from the loan docs. If she is unable to pay off the mortgage dues, then the lender will not let her refinance the loan in her name. Novation is one of the ways to transfer mortgage from one person to another but most lenders do not offer this to the borrowers.
Thanks
Your boyfriend's sister will have to refinance the mortgage in order to remove your boyfriend from the loan docs. If she is unable to pay off the mortgage dues, then the lender will not let her refinance the loan in her name. Novation is one of the ways to transfer mortgage from one person to another but most lenders do not offer this to the borrowers.
Thanks
