Question by Fredrica T: What is the best way to remove someone’s name from a mortgage loan if they are the co borrower w/o refinancing
My mother is the borrower and I am the co borrower. She has always made payments on the loan. It was better for the both of us to qualify. I am ready to move out and want to remove my name so that I can get something. I really dont her (my mother) to go through the process of refinancing the way things are now.
Answer by after_butterfly
I think the only way to get out of the loan, is for her to refinance.
What do you think? Answer below!
Refinancing is the only way to get your name off the mortgage. You can’t just qualify for a loan and then hand it off to someone else, even if they are a co-borrower. The bank gave the loan to both of your, based on both of your data; not just to your mother. She would have to qualify for a different loan on her own.
Only way is to refi. Sorry.
It may be possible to do this. It is called a modification of mortgage. With that, you could be removed from the mortgage. She would have to be able to qualify for the loan, without your income, in order to do this.
You first should verify that your mom’s income is sufficient to qualify for the loan. Her total fixed debt should not exceed around 41%-43% of her gross income.
If she meets that requirement, then you need to contact the lender. Ask them if they do modifications of mortgage, and what the proceedure is.
refinance is the only way you can get a co borrower out of your loan. Now you just have to find a good mortgage loan company that will give you a good rate and term. Take a look at this company. They might be able to help you. Even if you have to refinance, but if you still can find the same rate or even better, why not?