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Daughter must refinance mortgage to get it in her name

June 24, 2011

Question: About eight years ago, I co-signed to help my daughter buy her home. She has a flawless, on time payment record. But I would like to get off her mortgage obligation because that mortgage is hurting my personal credit report. When I contacted her mortgage lender, I was told I could not be released. However, after six years, hasn't my daughter proved herself to the mortgage lender?

- Alex T.

Answer: It's not worth your time to fight with the mortgage lender. The best way to get rid of that mortgage is for your daughter to refinance. Because she has been paying on her mortgage for six years, that is an excellent credit reference.

She can probably lower her interest rate and monthly payments by refinancing. Be sure she asks for a low-cost or no-cost mortgage because loan fees paid on a refinanced mortgage are only tax-deductible over the life of the mortgage.


Have a real estate question? Write, call, fax or e-mail:

Bob Jeffries, Realtor,

Century 21 Birchwood Realty, Inc.

4040 Del Prado Blvd., Cape Coral, FL

239-549-5724 Office

239-542-7760 Fax



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