Posted on: 31st Jul, 2008 05:51 pm
Can I remove a cosigner on a home if they put down the down payment, when I am the main borrower?
I co-signed on a town home for my boyfriend and I am the main borrower to the $119,000 loan. I want to remove him as the cosigner but he gave the $40,000 down payment. He is currently unemployed and has been for the past year. I do not want the house to foreclose and ruin my credit, Is there any possible way to remove him with a quick deed removal and refinance the mortgage in my name? And if so what if he refuses to sign the quick deed in order to keep the home and me as the main borrower
I co-signed on a town home for my boyfriend and I am the main borrower to the $119,000 loan. I want to remove him as the cosigner but he gave the $40,000 down payment. He is currently unemployed and has been for the past year. I do not want the house to foreclose and ruin my credit, Is there any possible way to remove him with a quick deed removal and refinance the mortgage in my name? And if so what if he refuses to sign the quick deed in order to keep the home and me as the main borrower
i cosigned on a mortgage with my mother as the primary. she fells the need to not make her payments on time or at all. my credit is shot. how can i remove my name from the mortgage so someday i will be able to provide a home for my own family?
Hi Stella,
Your mother will either have to refinance the mortgage or assume the loan in order to remove you from the mortgage. Unless she does so, you would be responsible for the mortgage payments. If she defaults the loan, the lender can come after you for dues and your credit will be negatively affected. You and your mother can even sell off the property and repay the mortgage in full in order to get rid of the property and the mortgage.
Thanks,
Jerry
Your mother will either have to refinance the mortgage or assume the loan in order to remove you from the mortgage. Unless she does so, you would be responsible for the mortgage payments. If she defaults the loan, the lender can come after you for dues and your credit will be negatively affected. You and your mother can even sell off the property and repay the mortgage in full in order to get rid of the property and the mortgage.
Thanks,
Jerry
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