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Home >> Lending >> Home Mortgage
Removing Co-signer from Mortgage Loan
I am a co-signer on a morgage loan and I want to remove my name, but the other signer doesn't want me to do this. What are some ways of removing my name?
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 Generally, it is up to your lender. What is their reason to release someone from liability who may be depended upon for payment? If there isn't a good answer, likely they won't let you off anyway, and if the other borrower(s) object, they would maintain they shouldn't have to pay for what you owed.
The bottom line is that in most cases each borrower is liable for the complete debt anyway. If others filed for bankruptcy, as an example, you might owe the entire debt yourself. Each borrower is there for a reason, and none are released until the debt is paid. An exception may be agreed upon if the person buys their way out with a large payment, for example, or by pledging additional collateral to the debt. That way, if the loan wasn't paid as agreed, the collateral could be taken without official liability on the loan.
Published on BankingQuestions.com 2/16/10
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