Legal Question in Real Estate Law in New York
Removing a Mortgage Co-Signer
My wife and I purchased a home in 1987. At the time my wife was not employed and my income wasn't enough to secure the mortgage so my Mother co-signed and her name appears on the deed. My wife and I are now considering refinancing and would like my Mother's name removed from the deed. How would we go about doing this and what is a rough estimate of cost?
Thank You
3 Answers from Attorneys
Re: Removing a Mortgage Co-Signer
If your mother consents, it is nothing more
than a quit claim deed and should cost less
than $ 100.00. This does not remove the
mother from the mortgage. This is only with
bank permission, and will be more costly. Of course, if
you are refinancing, this will be accomplished
when the new mortgage pays off the old
Re: Removing a Mortgage Co-Signer
Assuming that your wife and yourself now qualify for a loan equal to the current balance, your Mother must sign a new deed conveying her interest in the premises to you and your wife.
The cost for the preparation of the Deed and other required documentation is $350 plus filing fees for the new Deed. If interested, call my office.
Re: Removing a Mortgage Co-Signer
As long as you are able to refinance, all that has to be done is to have your mother deed her interest to you and your wife.
Fees will vary from attorney to attorney. My fee would be $300 plus filing fees.
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