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The mortgage must be paid off and refinanced in a single borrower's name if necessary.
The mortgage must be paid off and refinanced in a single borrower's name if necessary.
The mortgage must be paid off and refinanced in a single borrower's name if necessary.
The mortgage must be paid off and refinanced in a single borrower's name if necessary.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoThe mortgage must be paid off and refinanced in a single borrower's name if necessary.
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What are the legal rights of a cosigner on a mortgage?
legal rights of cosigner on mortgage
Can a cosigner be removed from mortgage loan?
No. The loan must be paid off and you must refinance without the co-signer.
If we have bad credit will a cosigner help us get a mortgage?
Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.
How can someone be released from cosigning a mortgage loan without ruining their credit?
The only way to be removed from the obligation of cosigner is for the loan to be refinanced.
Does the cosigner on a mortgage need to be on the purchase and sale so the seller is aware of a cosigner?
That is an issue between the mortgage company, the buyer and the cosigner. The seller's only worry is selling the property and getting paid.
What is the procedure to sue to be released from a mortgage as a cosigner?
There is no procedure for this. The mortgage must be refinanced.
How do you sell a house when the cosigner of the original mortgage is not available to sign off?
Hire a Real Estate attorney and have a court order. A commissioner will be appointed to have the other party removed.
How can a cosigner be removed from the loan?
The only option is for the loan to be refinanced without the particpation of the present cosigner.
How can one remove a cosigner from an equity loan if the cosigner is not on the first mortgage title?
The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.
If you refinance the house after a year can you take the cosigner off the mortgage loan?
Yes.
What are the disadvantages of cosigning on a mortgage?
If the primary borrower defaults the cosigner can get "stuck" with a huge debt and ruined credit. A cosigner has the same legal obligation to repay a loan as does the primary borrower. In addition, a cosigner does not have property owner rights, only the debt. The real question is why would anyone agree to pay a mortgage for land they do not own. A co-signer has an equal obligation to pay the mortgage.
If an adult child is a cosigner on the mortgage to her parents' home can she be relieved of the debt responsibility when she marries?
The mortgage would have to be refinanced without the participation of the adult child as cosigner. Debts incurred before marriage do not become the responsibility of a new spouse.
