How do you get your name off a mortgage that you cosigned for?

Asked by: Emory Kilback DDS  |  Last update: March 18, 2024
Score: 4.2/5 (55 votes)

To remove your name from a mortgage, you and your co-borrower can ask the lender for an assumption or modification that would remove your name from the loan. If the lender won't change the existing loan, your co-borrower will need to refinance the home into a new mortgage.

How do I remove myself as a cosigner on my mortgage?

In general, to qualify for co-signer release, borrowers must prove they have the ability to pay off the loan on their own, in addition to having no late payments for a set period of time, says Kaplan. The lender will also review the borrower's full credit history and assess current income relative to the loan payments.

Can you remove a cosigner from a mortgage without refinancing?

Removing a name from your mortgage: Can it be done without refinancing? Yes, it is possible to take sole responsibility for a home that you're currently sharing without refinancing, even if your ex-spouse or another co-borrower or cosigner is currently on the mortgage.

Can you take your name off a cosigned mortgage?

Your best option to get your name off a large cosigned loan is to have the person who's using the money refinance the loan without your name on the new loan. Another option is to help the borrower improve their credit history. You can ask the person using the money to make extra payments to pay off the loan faster.

How to get someone's name off a mortgage without refinancing?

The main ways to remove a name from a mortgage without having to refinance include:
  1. A loan assumption.
  2. A loan modification.
  3. A cosigner release.
  4. A quitclaim deed.
  5. Sell your home.
  6. Pay off your home.

How to Remove Your Name From a Cosigned Loan: Car Loan, Mortgage, Credit Card 🔶 CREDIT S2•E142

21 related questions found

How long before you can remove a co signer from a mortgage?

Normally, a cosigner will have to stay on the mortgage for a minimum of one year. From my experience, normally a cosigner will stay on a mortgage for several years. When the borrower is ready to have the cosigner removed, they contact the lender to then re-qualify without the cosigner.

Can you change a joint mortgage to a single mortgage?

If you both decide you want the mortgage to be transferred to one person, you do this through a legal process known as a 'transfer of equity'. A transfer of equity is when you transfer a joint mortgage to one of the owners, or to a new person.

Can I legally remove myself as a cosigner?

Each lender has its own criteria and process for removing cosigners, and some don't even allow it. So the best place to start is to contact your lender to find out your options. They may include: Co-signer release: An agreement to release the cosigner's liability after a certain number of payments are made.

What rights does a co-signer have on a house?

Being a cosigner does not give you rights to the property. A cosigner has no title or ownership in the property secured for the loan. Additionally, a cosigner has no legal right to occupy a home as a primary or secondary residence, unlike the primary signer/borrower.

What if my cosigner already has a mortgage?

Can you cosign a mortgage if you already have one? Yes, you can cosign on a new mortgage even if you already have one of your own - as long as your income is sufficient to pay both mortgages if need-be.

How hard is it to remove a cosigner?

To get a co-signer release you will first need to contact your lender. After contacting them you can request the release — if the lender offers it. This is just paperwork that removes the co-signer from the loan and places you, the primary borrower, as the sole borrower on the loan.

How do I get my name off a mortgage with my ex?

There are 2 ways to remove a spouse's name from the mortgage:
  1. Release of liability – You can ask your lender for a release of liability. This is a document that releases a borrower from their obligation to pay back the loan. ...
  2. Refinance – The only other option is to refinance the mortgage.

How do I protect myself as a cosigner?

5 ways to protect yourself as a co-signer
  1. Serve as a co-signer only for close friends or relatives. One of loan co-signing's biggest risks is potential damage to your credit score. ...
  2. Keep copies of all the loan documents. ...
  3. Create a contract. ...
  4. Track monthly payments. ...
  5. Ensure you can afford payments.

Can I remove my ex from my mortgage?

A refinance is one way to remove someone's name from the mortgage. This protects the spouse who no longer has ownership interest in the home.

Can I sue to get my name off a loan?

If the borrower forged your signature, or if they committed fraud to enforce you to sign the loan contract, you can sue both the lender and the primary borrower to have your name removed. However, you'll need unquestionable proof that you did not willingly consent to cosign the loan.

Does a cosigner on a mortgage go on the deed of the house?

Will I have ownership of the property if I cosign? No, you will not take on ownership if you're only a mortgage cosigner and not an actual co-borrower. As a cosigner, you're only guaranteeing the loan payment. Your name will not be on the title to the property.

Can a cosigner claim ownership?

No. Cosigning a loan doesn't give you any title, ownership, or other rights to the property the loan is paying for. Your only role is to repay the loan if the main borrower falls behind on the payments or defaults.

Can you sue someone you cosigned for?

Yes, you can sue the person you co-signed for if they don't make the payments they promised to make. You may be able to get a judgment against them in court, but it could be hard to collect on that money, since they didn't pay the debt in the first place.

How much does it cost to remove someone from a mortgage?

If the lender won't change the existing loan, your co-borrower will need to refinance the home into a new mortgage. Does it cost to remove a name from a mortgage? Yes. Refinancing to remove a name requires closing costs, typically ranging from 2% to 5% of the loan balance.

Does Cosigning affect your credit?

How does being a co-signer affect my credit score? Being a co-signer itself does not affect your credit score. Your score may, however, be negatively affected if the main account holder misses payments.

Who gets the credit on a cosigned loan?

Having a co-signer on the loan will help the primary borrower build their credit score (as long as they continue to make on-time payments). It could also help the co-signer build their credit score and credit history, if the primary borrower makes on-time payments throughout the course of the loan.

Can you take over a family members mortgage?

The short answer is yes, you can transfer your mortgage to another person, but only under certain circumstances. To find out if your mortgage is transferable, assumable or assignable, contact your lender and ask.

Can two people be on a mortgage but only one on the deed?

When there are multiple borrowers on a transaction, only one borrower needs to occupy and take title to the property, except as otherwise required for mortgages that have guarantors or co-signers.

Can I add someone to my mortgage without refinancing?

Adding a co-borrower requires refinancing.

If you want to add a co-borrower to your mortgage loan, it's not as easy as calling your mortgage company and asking. You can't add a co-borrower without refinancing your mortgage. It allows you to change the terms of your home loan and add or remove names from mortgages.

How can I remove myself from a mortgage?

You can remove yourself from the mortgage loan in two ways: release and refinance. If you talk to the mortgage company and present them with your divorce decree and a quitclaim deed, many lenders will remove you and leave the loan in your ex's name only.