masoncgy
02-10-2009, 12:38 PM
Question for the experts here...
Just over a year ago, I went through the process of changing the co-signers on both of my houses, as the other person was a friend who became rather irresponsible and I feared that I might get screwed over as a result, but fortunately he was happy and willing to be removed from the mortgages and titles on both.
In his place, my Dad stepped in to become the co-signer as I could not take on both and I was apparently 'too early' to be able to just drop him off title.
Here's the question. I have a partial understanding that in Alberta, one can dump their co-signer off of title after one year, and then I can also drop them from the mortgages without qualifying??
Is this accurate? It seems a little too easy to me, but again I do not have the whole picture.
Do I have the ability to drop the co-signers this easy now that a year has passed since the last changes?
Just over a year ago, I went through the process of changing the co-signers on both of my houses, as the other person was a friend who became rather irresponsible and I feared that I might get screwed over as a result, but fortunately he was happy and willing to be removed from the mortgages and titles on both.
In his place, my Dad stepped in to become the co-signer as I could not take on both and I was apparently 'too early' to be able to just drop him off title.
Here's the question. I have a partial understanding that in Alberta, one can dump their co-signer off of title after one year, and then I can also drop them from the mortgages without qualifying??
Is this accurate? It seems a little too easy to me, but again I do not have the whole picture.
Do I have the ability to drop the co-signers this easy now that a year has passed since the last changes?