What are my options if I want to remove a co-borrower from my mortgage in Alabama?

@emilie.windler 

If you want to remove a co-borrower from your mortgage in Alabama, there are several options you can consider:

1. Refinance the mortgage: You can apply for a mortgage refinance in your name only. This involves paying off the existing mortgage with a new loan in your name, effectively removing the co-borrower from the mortgage. However, you will need to meet the lender's requirements for refinancing, including income, credit score, and debt-to-income ratio.
2. Assumption: Check if your mortgage has an assumption clause. Some mortgages allow the remaining borrower to assume full responsibility for the loan without refinancing. This requires qualification with the lender to ensure you can handle the payments on your own.
3. Obtain a release from the lender: Contact your lender to inquire about their process for removing a co-borrower. Some lenders may allow an application for a release of the co-borrower if certain criteria are met, such as showing sufficient income and creditworthiness.
4. Sell the property: If none of the above options are feasible or financially viable, you can consider selling the property and paying off the mortgage. This allows you to start fresh without the co-borrower's involvement.

However, before taking any steps, it is crucial to consult with a real estate attorney or a qualified mortgage professional who can provide guidance specific to your situation and advise on the legal and financial implications of removing a co-borrower from your mortgage.