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The answer to this question can be complicated and I recommend that you check out your State laws.
I am also making the assumption that when you say "co signer" you mean cosigned on the mortgage and not some other obligation.
It is important to understand how your title is currently recorded. Are you both on title?
As far as a lender is concerned, the answer is NO. If the person is a cosigner on your mortgage they would have to remove you from having any obligation on the loan. This can be done by the current co borrower refinancing the home. This of course requires your cooperation and willingness.
You can both agree to sell the home. That would be an acceptable way to free the co signer from the obligation.
The co signer "could" file suit in court and have a court compel you cooperate. If this is your primary residence, then most courts would require some significant justification for forcing you out.
I have seen this happen in cases of divorce, failure to make the monthly payments, and once when a borrower was destroying the home.
If the co signer has just "changed their mind about co signing or they are mad at you and want to use this as revenge, then they most likely have an uphill battle ahead of them.
Please feel free to contact me any time. I look forward to answering your mortgage questions and helping you with all of your mortgage needs. I am always available for you, your family and friends.
Simply click on "TheMortgageExpert" link below.
Thank you.
Jeff Fullmer
Senior Mortgage Planner
What else can I help you with?
If you refinance the house after a year can you take the cosigner off the mortgage loan?
Yes.
If only one person in the household is working can they garnish that person's wages for a voluntary repo and can they take your house if you have equity?
Only if that person is on the contract cosigner etc. and no they cant take your house.
Can my cosigner take their name off the loan without my permission?
The only way to take a cosigner off of a loan is to refinance it.
Can a cosigner take over a car loan?
Yes, a cosigner can take over a car loan if the primary borrower is unable to make payments. The cosigner would become responsible for the loan and would need to make payments to avoid default.
Can a cosigner take over a car loan if the primary borrower is unable to make payments?
Yes, a cosigner can take over a car loan if the primary borrower is unable to make payments. This means the cosigner becomes responsible for making the payments on the loan.
If you refinance the house after a year can you take the cosigner off the mortgage loan?
Yes.
If only one person in the household is working can they garnish that person's wages for a voluntary repo and can they take your house if you have equity?
Only if that person is on the contract cosigner etc. and no they cant take your house.
Can my cosigner take their name off the loan without my permission?
The only way to take a cosigner off of a loan is to refinance it.
Is the cosigner responsible for other debts beside the item such as house rental he has cosigned for?
A cosigner is only responsible for the items that he has cosigned for.
If you are a cosigner in someone's loan for a line of credit and he is at default what can the cosigner do to take his name back?
Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.
Can you refinance your car without a cosigner if your current loan has a cosigner?
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
If a primary borrower defaults on a loan and the cosigner sues them will that prevent the lender from being able to take action against the cosigner?
No. The cosigner will still be equally responsible for the debt
Can a cosigner take over a car loan?
Yes, a cosigner can take over a car loan if the primary borrower is unable to make payments. The cosigner would become responsible for the loan and would need to make payments to avoid default.
Can a cosigner take over a car loan if the primary borrower is unable to make payments?
Yes, a cosigner can take over a car loan if the primary borrower is unable to make payments. This means the cosigner becomes responsible for making the payments on the loan.
If the borrower cannot make the payments but the cosigner does can the mortgage company still take the house?
Not if the cosigner has been making the payments on time. But often the cosigner doesn't know the loan is in default until it is past due 30 days or more, so if you have received two or three (depends on state laws) Right To Cure Default letters, the bank can foreclose.
If you want to take out a loan and are in the process of getting your license will you be able to take out a loan with a cosigner?
You don't need a license to get a loan. Your credit rating will determine whether you need a cosigner or not.
Can a cosigner in California take possession of a vehicle if the primary borrower is not making the payments in Georgia?
Only if the cosigner is also named on the vehicle title.
