Co-Signed the Loan

Expert, localized Los Angeles answers provided by Heather Roy

Co-Signed the Loan
	I am currently on the title of my parents house along with my cousin who helped us purchase it. My brother and I and my cousin are on the mortgage loan which is now owned by Wells Fargo bank. It is a FHA loan we signed in July 1997. If I want to purchase a new home and not have this effect me should I remove myself from both places or just the title? I would like to apply for a new FHA loan for my immediate family now that I am married. Thanks

	It's easy to remove yourself from the title of the property. The present owners, including you, simply sign a new deed naming just the others as the new owners. That won't relieve you of responsibility for the mortgage, though. For that, you must consult your lender about the process. With an FHA loan, it is often possible to remove your name from the mortgage. If the others can prove financial qualification to carry the debt themselves, you'll be free of any further liability.
	Edith Originally published on January 24, 2010

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