Hope this helps you. Contact me if you have any other questions.
Carol Murray Cei
You'd have the same liability if, for example, someone tripped and fell on your porch and sued. Or if the occupant co-buyer didn't pay the water bill and a lien were placed on your home, that would affect you equally. Check with a lawyer for guidance and advice.
Hope that helps.
Carol answered this question very well. Each borrower is fully responsible for the mortgage. The only way to get the non-occupying co-borrower off of the mortgage is to re-finance it. Unless the mortgage is assumable. The borrower must qualify for the mortgage on his/her own for this to happen. From my experience it would be easier to re-finance it.
The very best of luck to you!
Michael D Delp
4802 Old Bethlehem Pike,
Telford Pa. 18969
Coldwell Banker Hearthside Realtors