how do i drop me being a cosigner on a house loan?
i got told i was not welcome to the house i cosigned for and i am not welcome to move in it because i am having problem where i am staying at now. this person told me to go to the homeless shelter after i have cosigner the loan on my credit. i want my name removed off of it now how do i tell mortgage company i am no longer responsible i have lost all of my income after i cosigner for the loan is there some why i can show they i do not have the money for them to fall back on any more?
if they do not allow me to drop cosigner i will raise hell with mortgage company.
- 1 decade agoBest Answer
You get the house if they are evicted by the mortgage company, only if they fail to pay or state to give it up.
- starfire978Lv 61 decade ago
Being a cosigner doesn't give you any rights. You can't take your name off the mortgage, you can't demand access to the property, you can't threaten the company or the primary signer with a lawsuit to get your name removed. The only way to have it removed is if the primary goes in to the mortgage company and refinances on their own credit or with a different cosigner. It doesn't matter what your financial situation has turned into. You agreed and signed to the fact that if the primary fails to make payments you will step up to cover their butt.
Now if the primary does go delinquent you can sue them over the money but thats really about the only right you have at this point.
- alicialionsLv 71 decade ago
Unfortunately cosigning doesn't work that way. You should never have cosigned for someone...the risks for your credit an finances is way too high...I'm sure you will never do it again though. It's too bad that once you are a cosigner you can't just stop being one at will. Whoever you cosigned for is being absolutely selfish to not help you out in your time of need..just shows that you put your credit on the line for someone who is a jerk.
- chauLv 43 years ago
i think of the underlying concern isn't your credit yet particularly your funds. i'm very specific it is hard to make ends meet, noticeably with a toddler on the way, however the difficulty is with your expenditures exceeding your income. you could't save financing each little thing with credit. and despite in case you report financial ruin, you will nevertheless might desire to have stay competitively priced. There are respected debt counseling agencies obtainable that is waiting that should assist you restructure your debt money and/or make a funds. i think of you somewhat might desire to handle the basics of your funds---shrink pointless expenditures, be tight with money, pay down debt, and advance a wet day fund.