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-   -   How to remove 2nd party from mortgage (https://www.askmehelpdesk.com/showthread.php?t=706926)

  • Oct 4, 2012, 03:01 PM
    Mommadraper
    How to remove 2nd party from mortgage
    My son is co-borrower on my mortgage. He is engaged now looking to purchase home near future. He signed a quit claim deed back to me. He never has made any payments. Hasn't resided in home over 6 years. I there any way to remove him from mortgage?
  • Oct 4, 2012, 03:08 PM
    LisaB4657
    You can ask the lender to remove him but that's very unlikely to happen. The only way to remove him is if you refinance the property in only your name. Rates are lower now and some of the principal may have been paid off so you may be able to qualify for a mortgage in your name only.
  • Oct 5, 2012, 04:55 AM
    ScottGem
    Has he been denied credit? It might actually help his credit to have the loan on his record.

    Also, did you check with the lender before deeding the property to him? Many mortgages have a due on sale clause which make the balance of the note due and payable if the property changes ownership. In that case, a refi might be very important.

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