Different ways to remove a Cosigner from a mortgage

[Jermaine H.]

What are the different ways of getting out of a loan? I am currently a cosigner on a mortgage since 2010 and cannot get off the loan because of late payments and or missed payments. I have not lived at the property since 2011. I'm aware of refinancing or selling the home. However, the main borrower struggles sometimes with the payments which is greatly affecting my credit.

I would like to purchase a home in the near future and want to take advantage of the VA loan. Is there any way around the mortgage I co-signed for? Thank you in advance for your help.

[Shaun Weekes]

Originally posted by @Jermaine H.:

What are the different ways of getting out of a loan? I am currently a cosigner on a mortgage since 2010 and cannot get off the loan because of late payments and or missed payments. I have not lived at the property since 2011. I'm aware of refinancing or selling the home. However, the main borrower struggles sometimes with the payments which is greatly affecting my credit.

I would like to purchase a home in the near future and want to take advantage of the VA loan. Is there any way around the mortgage I co-signed for? Thank you in advance for your help.

The best thing you can do is to make sure that the mortgage has been paid on time for 12 consecutive months and then have them refinance the property into their name only. This is the best way to get it all done unless they sell. Depending on how much equity is in the home and if the owner has good enough C.I.A. (Credit, Income and Assets) they might be able to refinance right now.

What are the numbers on the property, value and amount owed?