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Mis Fit, Home Buyer in Grand Rapids, MI

How can I be taken off from a mortgage to a home I'm not occupying?

Asked by Mis Fit, Grand Rapids, MI Fri Feb 17, 2012

I co signed on a loan for my now ex boyfriends house, I've been removed from the lease as I'm no longer residing there...How can I be taken off from the mortgage? I need an auto loan & the only reason I cannot get one is due to My co signature on his loan.

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5
You have most of the answers. Refinance, ask him to qualify on his own, request lender to qualify him , or, SELL. This is an issue. Hopefully he is current on payments.
0 votes Thank Flag Link Fri Feb 17, 2012
Basically, your ex-boyfriend would have to refinance. He would need to qualify for it on his own now in order to refinance.
0 votes Thank Flag Link Fri Feb 17, 2012
Hello,

If you are on the mortgage loan, the only you way you can be removed from that is by your boyfrined refinancing the property. Of course when the lender gave you the mortgage, it was based on the information that they gathered from the BOTH of you.

Obviously the bank will have to consider if he will qualify for the payment on his own. If he doesn't you will be stuck.

Thank you and let me know if you need any more information,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
0 votes Thank Flag Link Fri Feb 17, 2012
A co-signer is a person who guarantees the loan for the others listed on it. The only way to be removed is to pay off the loan or ask the lender to remove you. You are not in a good position being a co-signer so you should work towards getting off it, but it might not be as easy as asking to be removed depending on the credit of the ex boyfriend. If he were to default on the loan it could seriously wreck your credit.
0 votes Thank Flag Link Fri Feb 17, 2012
Unfortunately this comes up a lot with this situation and divorces....the only way is for the owner/occupant to refinance. Until they do, you'll still be on the loan and technically responsible for it. Sorry, I realize that's probably not the answer you were hoping for.
0 votes Thank Flag Link Fri Feb 17, 2012
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