Profile picture for StevenByers

Can I make the Non-Occupyinfg Co-Signer the Mortgage Owner?

I am married but getting divorced. My name is on the mortgage and my wife's mother as a co-signer. I am wondering if it is possible, and how to remove myself from the mortgage and just have my wife's mother as the owner without the process of re-financing. Is it possible? Thank you
  • July 25 2012 - US
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Answers (2)

Profile picture for wetdawgs
The lenders want to know that the co-signer is qualified to carry the loan on her own merits, therefore, it would be a refinance.  It isn't possible simply to remove your name if your income was used to qualify for the loan.
  • July 25 2012
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you can either refi and get yourself off the loan. Your mother in law would be the mortgage holder and your wife can be on the deed as a co-owner.

OR you can ask the banks permission to have you removed, which will almost be like a refi, as they may requalify the entire loan for the new mortgage holders.

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  • July 25 2012
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