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Answered 2014-05-10 14:03:47

You must pay off the mortgage and refinance the loan in a single name.

You must pay off the mortgage and refinance the loan in a single name.

You must pay off the mortgage and refinance the loan in a single name.

You must pay off the mortgage and refinance the loan in a single name.

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Answered 2014-05-10 14:03:47

You must pay off the mortgage and refinance the loan in a single name.

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legal rights of cosigner on mortgage


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.


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.


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.


There is no procedure for this. The mortgage must be refinanced.


If you are not an owner of the property, as a co-signer you are fully responsible for paying the mortgage. You have no other rights in the property.


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.


No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.


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.


Yes it does, Only after you refinance the property may you take the cosigners name of the mortgage loan.


Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.


My belief is that as long as the mortgage is paid on time by the borrower, there would be no reason to go after the cosigner estate.


Yes, the mortgage company can do that. She co-signed for the loan and is responsible for it if you don't pay. She can lose her house.


if you take it to your personal bank and ask them how much you need to have paid already they can indeed refinace you and remove the cosigner


No, one can not remove a cosigner from any contract after 6 months. The cosigner will have to stay on the contract until the contract is paid.


The cosigner has the right to file a lawsuit against the primary borrower's to recover his or her financial losses due to the defaulted lending agreement. The procurement of a second mortgage does not seem viable if the primary borrower's credit was not originally sufficient for them to obtain the loan without the need of a cosigner. It is more likely the house will have to be forfeited by means of foreclosure and the cosigner will have to try to recover losses by other means. The primary borrower's best choice is to obtain legal advice as to what their options are before a lawsuit is filed against them.


The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.


As soon as you are able to refinance the mortgage in your own name. Some lenders (and I mean very few) will be able to remove a co-borrower by having you fill out a piece of paper (I forgot what it is called). So ask your current lender first. Keep in mind this will not remove them from Title...that can be done with a Quit Claim Deed at a Title Company.


First and foremost, you cannot remove a "co-signer" of a mortgage from the obligations of the mortgage. They may release their interest in the property by signing a deed but that doesn't release them from their obligation to pay the mortgage.This type of situation often happens in a divorce when the parties have a poorly drawn agreement that one will convey their interest to the other and the other will take responsibility for the mortgage. It doesn't work that way legally. The bank is not bound by a divorce agreement. The mortgage must be paid off and refinanced in the name of the person who will take sole ownership.


no, but to be sure ask your lawyer. In most jurisdictions that I know of mortgage details do not have to be disclosed to the seller.


No. The loan must be paid off and you must refinance without the co-signer.


Go to your county court house. Give the property address to the clerk. This will tell you who the owners are. If the co-signer isn't listed, their name wouldn't be on the mortgage.


A cosigner cannot simply remove their name from the contract. The cosigner is obligated equally with the primary borrower until the loan is paid. A cosigner's credit history will be affected, hopefully in a positive way.


There are a few mortgage companies that one can use even if one has bad credit. The downfall of this is that you will need to have a cosigner, and will likely have a higher interest rate.


You need to discuss that with the lender. Generally the only way to remove your name from a mortgage is to pay it off.You need to discuss that with the lender. Generally the only way to remove your name from a mortgage is to pay it off.You need to discuss that with the lender. Generally the only way to remove your name from a mortgage is to pay it off.You need to discuss that with the lender. Generally the only way to remove your name from a mortgage is to pay it off.



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