” As far as lenders are concerned, co-signers on a mortgage add financial security, since it means there are two people responsible for paying off any debts. For this reason, it can be difficult to remove a co-signer. But there are options.”
” Because your request to be removed as a co-signer on a mortgage will need to be approved by the lender, there is no set procedure for getting out of the arrangement. That said, there are a few approaches you can take. Here are some tips on getting a co-signer off a mortgage:”
1. Consolidate the debt.
2. Refinance their loan.
3. Sell the financed asset.
4. Find another co-signer
To read How to remove yourself as a co-signer on a mortgage 6 steps follow the link to the article HERE published on the Canadian Mortgage Professionals website written by Jonathan Russell
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