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Answers (4)
- Michael Mullin, "WA and CA FHA Expert"
- Contributions:369
berrysweet - you are stuck until the person making the payments goes through a new loan process and refinances into their own name. I have a very lengthy conversation with every "co-signer" for exactly this reason - it's sad how many people think that "co-signing" some how makes them anything less than fully responsible for the mortgage.
Think about it this way - if you were not responsible for the loan why would a lender want you as a co-signer? You were added to the loan to give strength to the main borrower so they could qualify to purchase.
You will be removed from the title to the property during the refinance process.
If your friend wants help with information about refinancing feel free to click through to my profile to contact me.
Think about it this way - if you were not responsible for the loan why would a lender want you as a co-signer? You were added to the loan to give strength to the main borrower so they could qualify to purchase.
You will be removed from the title to the property during the refinance process.
If your friend wants help with information about refinancing feel free to click through to my profile to contact me.
- wetdawgs
- Contributions:26854
In order to be removed from the loan, the other party (the person making payments?) must qualify for a loan on their own qualifications. A quit claim deed does not remove you from the loan.
Cosigning isn't "only co-signing", it is taking. responsibility for the full amount of the loan if the other party doesn't pay. It isn't something done lightly.
- Grace Keng, "Gracesellhomes"
- Contributions:336
You can "QUIT CLAIM DEED" to the owner whois paying the loan now but if the the borrower default the loan your credit is still going to hurt.
The other way you can do will be requesting the current owner to "REFIANCE THE HOME"
Can you "SELL" your home to the owner? that will the good way to be out of the loan and title.
Hope it help.
Grace
The other way you can do will be requesting the current owner to "REFIANCE THE HOME"
Can you "SELL" your home to the owner? that will the good way to be out of the loan and title.
Hope it help.
Grace
- Jacqueline Kounkel, "Wells Fargo Banker"
- Contributions:114
That is a tough one. I do not do a lot of FHA loans but have heard that by signing you agree to occupy the property for an alotted time. However, I have also heard that FHA also allows a non occupying co borrower to sign on the loan. The best bet would be to call the current lender and explain your situation to see if there is any way out of the loan.
Best of Luck!
Best of Luck!
What is the best way to remove someone from a loan and title?
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