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    grmbir's Avatar
    grmbir Posts: 2, Reputation: 1
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    #1

    Jun 5, 2008, 10:21 AM
    Removing a co signer from a mortgage
    My husband co sign on his parents house a few years back. Now we are planning to obtain a mortgage together and he was denied because of this reason. How do we go about removing his from the house and how much will it cost?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Jun 5, 2008, 10:25 AM
    His parents need to refinance their loan with just their names. The bank is not going to let him off the hook.

    The good news is that interest rates are low so the parents stand a good chance of getting a good deal.
    progunr's Avatar
    progunr Posts: 1,971, Reputation: 288
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    #3

    Jun 5, 2008, 10:26 AM
    This is true.

    No lender will just remove one of the possible sources to collect from.

    Refinance will be the only way to release him from this obligation.
    grmbir's Avatar
    grmbir Posts: 2, Reputation: 1
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    #4

    Jun 5, 2008, 10:37 AM
    C sign on a mortgage
    If my husband co sign on his parents house and we decided to apply for a mortgage together. Will we have problems later on if his parents miss any payments etc. The mortgage will be in his and my name because this is preventing us from buying a home because he co sign for them a while back. What to do and how much will it cost.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #5

    Jun 5, 2008, 10:44 AM
    Please don't start a new thread with a follow-up question. I've merged the two threads for you. Any follow-up should be added as an Answer or Quick Reply in this thread.

    Yes, if his parents have late payments, that could affect his credit score.
    progunr's Avatar
    progunr Posts: 1,971, Reputation: 288
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    #6

    Jun 5, 2008, 10:44 AM
    Your question has been answered, why are you still asking?
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