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Lynn M | What happens if a co-signor wants to remove their name from a mortgage loan and not be responsible any longer? |
The mortgage was co-signed by my mother-in-law and she says if my spouse and I continue to live together she will remove her name from the mortgage and we will lose our house? Is this possible for her to do? And if so what are our options? |
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I Buy And Sell Houses
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The other advice here is correct. She cannot remove herself as a cosigner. The lender won't allow it.
One respondent here suggested a loan modification might be possible. Perhaps theoretically, but--in your case--not practically.
And even if, theoretically, she were somehow able to remove herself as cosigner, that wouldn't result in you losing your house. You and your spouse would still have a valid mortgage. So long as you made payments in line with the mortgage requirements, you'd still keep your house. Only if you defaulted would you lose your house.
You're in the driver's seat, not her.
Now, if you wanted to be nasty and throw a scare into her, you could say: "Well, you want my husband and me to lose our house. We'll help you out. We'll stop making payments on the mortgage. Then, because you're the cosigner, the bank will come after you for payment. And your choices are: (1) pay the mortgage for us, and we'll still own the house, or (2) stop paying the mortgage--which you as cosigner would be required to do--and ruin your credit. That's what'll happen if we stop making payments."
Hope that helps. |
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godged
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Empty threat.
She cannot just decide she is going to remove herself as a co-signor.
You would have to refinance the property without her in order for her to be removed from the mortgage.
Your options? Have a more civil relationship with your MIL. |
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thomas p
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The mother in law would have to be released from the deed of trust by the lender, i.e., the bank or other lender such as a mortgage company. She cannot "excuse" herself from her obligation under the loan agreement. Lenders do not release parties from their obligations. The bank employee would be fired for releasing her. |
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Peilthetraveler
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I dont get why she would do this if you continue to live with her son...But she cant remove herself from the mortgage...she is stuck. As long as you keep paying the mortgage, you wont lose the house. Is she on the deed? That she can get herself off of if she was on it, but thats actually better for you if she does. |
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dee
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She can't just remove herself from the loan. She signed the NOTE, which is a legal binding contract. Even if she removes herself from title (the Deed) she is still responsible since she is on the note. The only way to get her off is to do a refinance to remove her. The only way you can lose your house is if you stop paying the mortgage. |
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shiprepairwoman
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She doesn't have that option. If you can refinance without her is the only way she can get out of her obligation to the lender. |
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Lineas121212
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I don't believe that your mother-in-law can voluntarily remove herself from your mortgage as she signed up for the long-term obligation. You and your spouse would have to refinance and qualify on your own in order to remove her. It isn't something that she can force. Second, if you continue to make the payment, you will not lose your home regardless of her actions.
Your options - if she continues to try to force the issue, talk to an attorney. |
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organizeyourbiz
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Have her sign a quitclaim deed and then refi without her. |
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Detroiter K
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She can remove herself with a loan modification. With this option, she would request removal from the note and deed pending proof that you can afford it on your own. This is commonly used in divorce situations. The good news is that if you cannot prove that your are creditworthy to the bank, then she can't get off. My best advice is to call your lender. They will tell you exactly what can and can't be done. |
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Gertie
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the only way she can remove herself is if you two get it refinanced on your own. Otherwise she is stuck. |
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maroonfive
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a co signer is like a borrower therefore you and your spouse and your mother in law are borrowers. if mother decides to remove her name she will have to contact the bank/lender and then the bank/lender will review your and your spouse's credential if both of you can carry on the mortgage loan. meaning if both of you can afford to pay for the mortgage without your mother's name in it. if the bank says both of you are qualified to continue paying then you can keep the house but if the bank says no you need another cosigner then you guys decide what to do, sell the house or find another co signer.
good luck : |
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