But their a few exceptions to this because it depends on how much is owed on the mortgage you co-signed for, how much you earn, your total assets, down payment, credit, etc.
It is wise that you go to a mortgage broker to assess your situation, who knows you may need a co-signer yourself.
Your best bet is to find a local lender to work with. Explain the situation to your loan officer and see what he/she recommends. If enough time has passed for your family member to re-establish their credit, they now may be able to apply for a new loan in their name only. Until that happens, you and the family member are both responsible for their mortgage. I hope that helps.
Maggie Hawk, REALTOR
Watson Realty Corp.