Tuesday, July 19, 2011

Unable to qualify to refinance coborrower wants out?

I purchased a home and my mom cosigned as what I'd believed to be a non occupying co-borrower at the time which I came to find out she was actually a joint tenant on the mortgage. She moved in with me shortly after I bought it due to my parents divorcing and now because I have a family she has moved out. She told me I had a week to get the loan out of her name but I'm finding this impossible because I couldn't qualify for the loan on my own in the first place, which is why I asked her to cosign with me. It is a FHA loan and I know they have exceptions for her to purchase her own home without me having to refinance my home and get the mortgage out of her name. I have always made the payments and have lived in the house for almost 2 years never having one late payment. When I spoke to a loan officer she told me I can submit documentation showing I've been making the payments, and an affidavit saying I'm responsible for the payments and that would satisfy their requirements. Anyone been successful at doing this? My mom had her name removed from the deed (divorce trying to get as much as she could) but the mortgage was never refinanced, now she is angry with me about her name being on the mortgage. Is there any way I can go without having to refinance. I can't come up with money for closing costs in such short time.

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