I signed on to a mortgage as a co-signer and I will like to know how I can immediately go about having my name removed from the mortgage? Such as what steps do I need to take and who should I contact? Also would the other party be able to prevent me from removing my name? And what obstacles should I expect to face? I am concerned because I have excellent credit and I do not want to risk it.

LisaB4657

There are only 2 ways that you can be removed from liability for the mortgage loan. The first way is to ask the lender to remove you. They are highly unlikely to agree. The second way is for the loan to be refinanced solely in the name of the person you co-signed for. That way the loan for which you are responsible is paid in full and your name is not on the new loan. The only person who can do this is the other party.

ScottGem

Did you not realize what it meant to co-sign a loan? Sorry, but as Lisa said you are stuck now. Why would the mortgage company agree to allow you off? Would you let someone off the hook?

Your only hope is, if the property purchaser can now refinance under his own name and pay off the mortgage you co-signed.

Dr D

If you and the other co-borrower have parted company, it would be in the best interest of the other person to remove you from the mortgage as well as the title to the property. If the loan is FHA or VA, they have a provision for a FULL QUALIFYING ASSUMPTION. The other person would have to document their ability to carry the loan by themself. This would cost about $500 processing by the lender, as well as title fees (and possibly a 1/2% VA Funding Fee for VA loan). Some Conventional loans may allow this. This, or a refinance should be done so that you both can go on with your lives without needless financial ties.

Lowtax4eva

is the other person not making the payments? they may want to have the mortgage only in their name but if they cant make the payments and refuse to take you off i think your responsible for the payments (a co-signor is guaranteeing payment if the other person does not have good enough credit to apply alone) unless you can have this resolved in court.