Is there a way to get a co-signer off a mortgage?

Not sure if this is the appropriate place for this post- mods please move if not.

To make a long story short I cannot afford my mortgage payment any longer. I went from making a pretty large yearly wage to basically minimum wage.

Luckily I had savings but they are gone and I still haven't got my income up.

I've tried everything. I can't get refinanced in my own name, bank won't lower the payment or let me pay interest only for awhile, can't rent my place out (half the block is for sale/rent), my house lost value in the crash so I can't even sell it for an amount that would pay off the loan.

I am at wits end.

The major problem is that my Mom co-signed on my loan. I cannot declare bankruptcy because the burden falls on her and I'm not going to let that happen.

If there was a way to get her off the loan? I could then declare bankruptcy or even let the damn bank have the house.

Thanks in advance for any help.

Lucent

I dont know the rules for your state, but you might want to check out a Quit Claim Deed for you mom.

Originally posted by DarkStormCrow
I dont know the rules for your state, but you might want to check out a Quit Claim Deed for you mom.

Thanks will look into it! I really appreciate it. Would hire a lawyer but I just spent over 10k fighting my ex for the right to see my son.

It is very hard to get off as a co signer, the easiest way is for you to refinance without a cosigner you would need better credit than your mom and even then the bank may not let you. Maybe there is government help for you, but dont expect the bank to help you find out.

reply to post by DarkStormCrow


That's the problem I'm running into. My credit wasn't good enough in the first place that's why she co-signed. It's a little better now because of paying the mortgage on time for a couple of years but due to circumstances I'm pretty much tapped out.

I've petitioned the bank to try to give me some slack due to hardship but it wasn't approved.

My Mom has perfect credit and is about to retire in a few years and this would kill her credit.

We went down to the bank and talked to the a few times and they pretty much said unless you have a fannie or freddy mortgage your not going to get any government help.

It really sucks....