Just got approved for a loan modification for my mortgage.. My mother is the co borrower she does not want to be on their.. What can I do since we were told she was just on the deed doesn't that mean she's on the mortgage also... All the papers for the modification have to be changed now without her name... need advice now!!

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Originally Posted by kaystarr

just got approved for a loan modification for my mortgage ..My mother is the co borrower she does not want to be on their ..What can I do since we were told she was just on the deed doesnt that mean shes on the mortgage also...All the papers for the modification have to be changed now without her name...need advice now!!!!

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If you have a question, even if similar to a previous one, please start a new thread.

If you have been authorized for a loan modification, now would be the time to get your mother off the paperwork. She would sign a deed conveying her interest to you. The old mortgage would be discharged (or cancelled, or whatever they want to call it), and a new mortgage in your sole name would be written.

Thank you so much for that answer.. Do I have to pay to remove her name?

First its not a good idea to piggyback your question on someone else's. This can lead to confusion. You should start a new thread. So I've moved your question to its own thread.

A co-borrower is someone on the loan. If mom is not on the loan but is on the deed then she is not a co-borrower but a co-owner. If the lender is willing to do a modification with her on the deed, then there is no reason to do anything. But if you want her off the deed, then she will need to sign a quit claim deed, deeding the property to you. This may have tax implications however.

As to costs, there may be filing fees involved.

P.S. please don't use the comments feature to post follow-up, use the Answer options.