I am the borrower and I want to remove co-borrower's name from the home ownership without refinancing, how?

Question

in Texas.

Answer 1

If the property is financed, the mortgage company probably made the loan decision based on the incomes and credit history of both you and the co-borrower. They would need to approve any changes to the loan, but there is very little incentive for them to do this.

You may need to refinance.

Answer 2

You can have the co-borrower sign a quit claim deed (if the person will do that) to their interest of ownership in the property. That will remove their ownership interest fully.

If you are asking how to remove a co-borrower from a mortgage, you can't. Lenders will not remove co-borrowers without a full refinance. It is in the lender's interest to keep as many payers bound to a contract as possible.

Answer 3

Chieko has the best advice. You can get the co-owner off the deed, but only if the co-owner agrees to sign a quitclaim. You won't be allowed to change the deed if the co-owner doesn't agree, unless you sue and get a court order in your favor. As to getting the co-borrower off the loan, you need the bank's agreement and it's highly unlikely that the bank would agree--because why would the bank give up the protection of having two people to go after for payment instead of just one? As a practical matter, you will have to refinance and qualify for the loan in your name alone.

Answer 4

The only way you can get the co-borrower's name off of the mortgage loan is to refinance them off. In order to do that, you must be able to qualify for the loan by yourself since the lender initially approved the loan based on the credit history, employment information, and income for both you and the co-borrower. Good luck!

Answer 5

Check your local recorder of public documents. If the co-borrower is on the deed/title you'll have to have that changed under the laws of your state, however, if the "co-borrower" is indeed on the mortgage, it's likely only refinancing will get it off.

In any event a savvy real estate agent could help you.

Answer 6

thank all of you for your responses to my question as to removing a co borrower off my mortgage loan But my dilemma is I am no longer with that person and I need to apply for a loan modification with only my income this is why I need to modify my home mortgage because he has left and been out of my life for over five years and I have had a decrease in my income and do not want to lose my home PLEASE CAN ANY ONE GIVE ME SOME GOOD ADVICE AS TO WHERE I CAN GO TO FINE SOME ANSWERS IM IN CALIFORNIA AND MY LOAN IS WITH BANK OF AMERICA . THANK TO EVERYONE FOR YOUR PRAYERS AND ADVICE . SIGNED DESPERATELY SEEKING HELP

Answer 7

you can't remove them from the loan without refinancing, but you can remove them from the grant deed by having them sign a *quit claim*. they will have no authority over the property, but will still be liable for the loan.

Answer 8

Sorry, only a refi with just you as borrower will do that.

Answer 9

you can Quit Claim them off the title but they will be on the loan until it is paid off or you refi.

Answer 10

you gotta get a new loan for just you.