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.
legal rights of cosigner on mortgage
No. The loan must be paid off and you must refinance without the co-signer.
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.
The only way to be removed from the obligation of cosigner is for the loan to be refinanced.
There is no procedure for this. The mortgage must be refinanced.
legal rights of cosigner on mortgage
No. The loan must be paid off and you must refinance without the co-signer.
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.
The only way to be removed from the obligation of cosigner is for the loan to be refinanced.
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.
Hire a Real Estate attorney and have a court order. A commissioner will be appointed to have the other party removed.
The only option is for the loan to be refinanced without the particpation of the present cosigner.
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.
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.
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.