The difference is it was my daughters home loan , she pretty much begged me because she had ( at that time 4 of my grandbabies) they were soon to b homeless and they needed a place. The thing is i was looking to buy my own house at that time and had been approved for a loan and she knew that but the grandbabies homeless….she told me her realtor said after a year or 2 she could refinance and hav me taken off the loan , its been 4 or 5 years. My wages have been garnished more than once and my credit is being destroyed daily and no first time home buyers anything for me. Hell no home for me, im living in a 1br apartment…im at my wits end, i need help. Is there any chance they will take me off this loan?
Just another dumba#@ co- signer on a home loan here
byu/tlmcd inpersonalfinance
Posted by tlmcd
7 Comments
Is there any chance “they” will take you off a loan you willingly and legally co-signed on?
Maybe if you ask really nicely?
I dont need to tell you that cosigning for what sounds like a single mother of four who is struggling was a bad idea; you didnt need to cosign a house loan to help them, but thats over with.
Why dont you bail on your apartment and move in with them?
No. However, as an owner, you may be able to sell the home, thus forcing her out.
They will not just “let you off” especially if she is not paying. If she can now qualify, and if she can afford the payment, then she could effectively “buy” it from you with a new loan. But, she’d have to qualify individually. It sounds like she won’t.
The other problem is that whatever the interest ratw as in 2021 or 2022, I’m sure it is way higher now. So even with the pay off, the payment after a refinance might be higher.
The lender won’t voluntarily take you off the loan, no. But you can ask your daughter to look into refinancing again. Or you can move in with her and pressure her to move out so you can enjoy the home you’re paying for, or at least stop paying rent.
I’m sorry you’re in this situation.
>Is there any chance they will take me off this loan?
Who is the “they” you speak of in this question?
I fear you must come to terms with recognizing that what you want is probably not realistic.
Has she applied to refinance? That’s the only way anything will happen.
Why dont you live in the home you own?
I mean it probably isnt great if theres animosity between you and your child, so dont do it if thats the case.
But thats your house. You might have to help some with the kids but ultimately sharing living space is how most people can reduce their costs of living and get their head above water.
You wouldnt be able to sell without your co owner also approving of a sale, so it doesnt seem like theres much option.
Your wages aren’t being garnished for the mortgage, you need to ask your HR for a copy of the garnishment order and find out what it’s for.
She can only refinance in her name if she makes enough money and has decent credit. Refinancing often doesn’t cost anything, they roll any fees into the loan.