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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.

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โˆ™ 2011-01-11 23:13:07
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Q: What happens when you remove a cosigner from your house deed?
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Can the cosigner sell the house if his name is not on the deed and the primary borrower has missed 3 payments?

No. If you are not on the deed, you can't sell the property. The only "right" you have as a cosigner is the obligation to make the payments.

How do you remove your name from the deed when the house goes into foreclosure?

You can't remove your name from a deed. After the foreclosure sale a foreclosure deed will be recorded from the lender to the new owner. Your deed will remain on record as part of the record history of the property.

In New Jersey can a cosigner be removed from the deed without signing the quitclaim deed form?

The obligation of being a cosigner and the inclusion of the person's name on a deed are two different issues. Being removed from a deed does not relieve the cosigner of the financial obligation of the loan. In addition, a quit claim to property is usually necessary, the action needed depends upon the laws of the state where the property is located.

Does a cosigner have any legal rights to sell your house if there has never been a missed payment or late payment?

No, a cosigner has no legal rights to the property unless their name is on the title or deed. A cosigner is accepting the responsibility of the debt if the primary borrower defaults; a co-buyer/borrower is a different matter entirely.

How do you remove someone from title of a house?

They need to sign a deed conveying their interest to you.

What happens to a home if you are not on the loan but on the title-deed and the person on the loan dies?

what happens if your husband dies and i am on deed,but not on i responsible for the loan and do i keep the house/

What happens when you pay off your house?

You own it and no longer need to pay a mortgage. You get the deed to the house and are free to do whatever you want to.

What happens to a house if the wife's name is not on the deed and the husband dies in the state of Illinois?

What happens to a house if the wife's name is not on the 2nd mortgage and the husband dies in the state of Illinois

Can a deed in lieu be initiated with a cosigner?

Any transaction can be initiated by either party, but the signatures of both will be required on the deed-in-lieu agreement and property transfer documents.

Is the cosigner on a property considered to be a co-owner?

Yes. * No. Unless a cosigner is also named on the title to a vehicle or the deed to real property they have no legal rights or claim to said property.

Can you remove someone from the title for a house?

No. A person's interest must be transferred voluntarily by deed or by a court order.

Your grandmother is a cosigner on your mothers house and your mother is now deceased is your grandmother now the owner?

Signing on a note is not the same as being on the deed. She certainly has a claim on the property, particularly if she helped pay the mortgage.

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