Can you get off a mortgage as a co-signer?

Question

I am a co-signer on the house with my mother. She needed a co-signer at the time of purchase, so i co-signed so we would have a place to live. I want to move out because this is the worst decision I made. I am getting used for my money. I am 24 and want to move on with my b/f. If I leave she will not be able to afford the house, therefore she will get evicted. Will this effect my credit. How can I get off the house or cant I?

Answer 1

If you want off, you will have to convince the owner to either sell the home or refinance it without you on it. However, you have no right to do it yourself. You will need to talk to the homeowner and ask them to do this for you.

Good luck

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Answer 2

If your mother can not afford the payments without you, you don't have many options. One thing for certain: The bank is not going to let you off the hook for nothing. Why would they? They insisted on you as a co-signer for a reason: Your mom is not credit worthy on her own.

Here are your options as I see them:

1) Let you mom stay in the house, and have her pay her share to you. You then make the mortgage payment. If you have the income to support this, it might be an option.

2) Sell the house, pay off the mortgage and tell your mom she is going to have to find somewhere else to live. This could be tough if she does not want to sell.

One thing for sure: You can't just let the mortgage go into default. That would be a miserable thing to let happen.

I know its too late for you, but this is a classic example of why you NEVER buy undivided property with someone you aren't married to. It would have been far better for one of you to buy the house and the other to pay rent.

Answer 3

You cannot remove yourself as a co-signer for your mother without refinancing the mortgage and paying off the existing. You are not in an attractive position. I certainly hope that you are, as well, listed on the deed and title as a co-owner of the property.

When you co-signed the mortgage for your mother, you were telling the lender "Well, you don't trust Mom to make the payments, so I will guarantee with my signature that the payments will be made."

The bank is not going to let you walk away from this guarantee, since it would not have given the loan to your mother without your guarantee.

Answer 4

There are 2 ways for a co-borrower to be removed from a mortgage. #1. is to refinance the current mortgage loan which, she may not qualify for alone. #2 - another alternative is to sell the property.

And yes if she defaults on the loan it will effect your credit in a big way. Your fico scores will plummet and a foreclosure will reflect on your credit which could cause problems obtaining a mortgage for yourself later on.

Answer 5

I believe if you "sell" the house so-to-speak...your name should be off the mortgage.

Answer 6

the only ways are: to refinance, sell the house, or death.