Does a co-signer’s name have to be on the deed/title after a loan is made?
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Does a co-signer’s name have to be on the deed/title after a loan is made?
A loan is approved by a credit union and the real estate sale is completed and legally recorded. At that point, can the co-signer sign a quitclaim deed removing their name from the deed/title to the home even though they are still a co-signer with the lending institution?
Asked on November 12, 2011 under Real Estate Law, Oklahoma
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the person who co-signed the loan that you write about is on legal title to the property that is secured by a mortgage or trust deed regarding the loan that was obtained, the co-signer if he or she wishes to quitclaim the property he or she owns, can do so. The result is that the co-signer is still obligated on the loan but no longer owns the property that the loan was used for.
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