How to Get a Co-Borrower Off of Your Mortgage Loan
How to Get a Co-Borrower Off of Your Mortgage Loan
By [http://ezinearticles.com/?expert=Myloer_Jamery]Myloer Jamery
There are many reasons why someone would want to have the other borrower of the mortgage removed. Sometimes, a friend or a family member may become a co-borrower, using their good credit to help secure the loan. The deal is often that once the borrower that is being helped improves their credit score or income, they take the other person's name off of the loan.
There are also cases where the two borrowers are married and later divorce. In a divorce settlement where one person is awarded the house and as such is now responsible for the mortgage payments, the other spouse may request to have his or her name removed from the mortgage loan. No matter what has transpired, the other borrower wants to make sure that his or her name and credit is not ruined in the event that the other person defaults on the mortgage.
In order to get one borrower off of a mortgage loan, you have to refinance. Even if you have a quit claim deed signed, which is where the other party's name is removed from the deed, it does not remove that person from the loan. It would simply mean that the person has no legal rights to the property but they still owe on the loan. There is no other way around it.
Those home owners who had to have a co-signer just to get approved for a mortgage initially may find this to be a little challenging, but it is not impossible.
Even though removing a person's name may be a bit trickier than you may have expected, it is not something that is beyond your ability to achieve.
Myloer is a hobby writer who usually updates his blogs every day and writes about all kinds of topics. His latest project is about [http://www.mortgagerates-calculators.com/how-is-a-mortgage-repayment-calculator-helpful/]mortgage repayment calculator and you can also read his articles about [http://www.mortgagerates-calculators.com/how-to-get-the-30-year-fixed-mortgage-rates-you-want/]30-year-fixed mortgage rates by following the links.
Article Source: http://EzineArticles.com/?expert=Myloer_Jamery http://EzineArticles.com/?How-to-Get-a-Co-Borrower-Off-of-Your-Mortgage-Loan&id=3129077
By [http://ezinearticles.com/?expert=Myloer_Jamery]Myloer Jamery
There are many reasons why someone would want to have the other borrower of the mortgage removed. Sometimes, a friend or a family member may become a co-borrower, using their good credit to help secure the loan. The deal is often that once the borrower that is being helped improves their credit score or income, they take the other person's name off of the loan.
There are also cases where the two borrowers are married and later divorce. In a divorce settlement where one person is awarded the house and as such is now responsible for the mortgage payments, the other spouse may request to have his or her name removed from the mortgage loan. No matter what has transpired, the other borrower wants to make sure that his or her name and credit is not ruined in the event that the other person defaults on the mortgage.
In order to get one borrower off of a mortgage loan, you have to refinance. Even if you have a quit claim deed signed, which is where the other party's name is removed from the deed, it does not remove that person from the loan. It would simply mean that the person has no legal rights to the property but they still owe on the loan. There is no other way around it.
Those home owners who had to have a co-signer just to get approved for a mortgage initially may find this to be a little challenging, but it is not impossible.
Even though removing a person's name may be a bit trickier than you may have expected, it is not something that is beyond your ability to achieve.
Myloer is a hobby writer who usually updates his blogs every day and writes about all kinds of topics. His latest project is about [http://www.mortgagerates-calculators.com/how-is-a-mortgage-repayment-calculator-helpful/]mortgage repayment calculator and you can also read his articles about [http://www.mortgagerates-calculators.com/how-to-get-the-30-year-fixed-mortgage-rates-you-want/]30-year-fixed mortgage rates by following the links.
Article Source: http://EzineArticles.com/?expert=Myloer_Jamery http://EzineArticles.com/?How-to-Get-a-Co-Borrower-Off-of-Your-Mortgage-Loan&id=3129077
Labels: the mortgage loan
posted by Donset at
10:26 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home