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Debt Relief – Insolvency – Bankruptcy Information » Mortgage Refinancing » What is the best way to remove someone’s name from a mortgage loan if they are the co borrower w/o refinancing?

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

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4 Responses to "What is the best way to remove someone’s name from a mortgage loan if they are the co borrower w/o refinancing?"

  1. Becky D says:
    what are you talking about right now is the best time for refinancing. But anyway……go to the bank where the loan is held and make that request, if she qualifies to hold the mortgage only in her name they will remove your name.

    edit: YES there is a way to remove a name from the loan, I am a loan officer and have helped people thru the process. Maybe not all institutions allow that but the one I work for does.

  2. Real Estate Guy says:
    you can’t. The ONLY way is to refinance in your mom’s name only.

    Why wouldn’t you want to refin. I’m sure that rates are better NOW then when the original loan was done.

    Talk with a lender.

  3. debijs says:
    ~~There is no way to remove yourself from the loan. You are on there until it is paid off. She would have to apply for a mortgage in her own name, then when approved, pay off the loan you are a co-signer on. There is nothing else you can do.~~
  4. Rusty says:
    You could have your mother take your name off the Deed to the property but not off the mortgage, which is the document that means you and your mother are liable for the repayment of the mortgage loan. The loan was approved on the income of you both and they will not release either of you from the debt. Your only choice is to refinance and assuming your mother qualifies and the refinance is approved you do not have to put your name on the new mortgage. If it’s feasible you can just hold off until the economy improves. If your mother is a good credit risk and has any funds necessary you could probably get a decent interest rate now.

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