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You need to go and see a mortgage broker. However if there is already a mortgage on the house with two signatories, it is unlikely that you will be able to get a second mortgage without the agreement of the second signatory as it will affect their primary mortgage.
It will also depend on the property deed. If the land is titled to a single person, that person can obtain a mortgage. Note that a spouse is considered to be on the title even if it isn't printed there in most jurisdictions.
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∙ 10y ago
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If you sign a quit claim deed will your name be removed from that loan and go from joint to single?
No, signing a quit claim deed alone will not take a co-borrower off the mortgage that both borrowers signed. The mortgage is owned by the bank and only the bank can release one signer from the mortgage obligation. That is done rarely. Generally, the one who will keep the real estate must refinance and pay off the prior mortgage to release the co-signer.
How can one obtain a 125 second mortgage in the US?
One can obtain a 125 second mortgage by visiting several websites and filling in the correct information. These websites include BD Nationwide Mortgage, Second Mortgage Outlet, and 125-Second-Mortgage.
What are the responsibilites of a co-signer?
They have only one responsibility: To pay the mortgage if the primary borrower fails to pay.See related question link.They have only one responsibility: To pay the mortgage if the primary borrower fails to pay.See related question link.They have only one responsibility: To pay the mortgage if the primary borrower fails to pay.See related question link.They have only one responsibility: To pay the mortgage if the primary borrower fails to pay.See related question link.
Can a person add to a loan if it has a co signer And the co signer agreed to only that one amount?
No they cannot add an account if the co signer only agreed to one account.
What are the benefits of getting a second mortgage refinance?
The main benefit of a second mortgage refinance is that it allows one to not have to create a new mortgage. Creating a new mortgage can be a hassle, which a second mortgage can alleviate.
How would someone calculate the cost of a second mortgage?
One can calculate the cost of a second mortgage by going to the website 'MortgageCalculator'. Here one can find information about achieving a second mortgage and use the calculator to calculate the cost of a second mortgage.
What is the difference between a fixed second mortgage and one with a variable rate?
The difference between a fixed second mortgage and one with a variable rate is that fixed second mortgage has a fixed rate and is commonly thought of as safer than a mortgage with a variable rate.
If two people are on the deed but only one is on the mortgage can the second person do anything to prevent foreclosure?
no,because that persons name is not on the deed .. unless the second person gives money to the person paying the mortgage
What steps are involved in getting a second mortgage?
One first must understand the components required in the mortgage. Then, one can talk to a professional from a bank or mortgage company. Through this professional, one can learn how to fill out the required paperwork to get a second mortgage.
Does a co signer have the right to borrow against and raise the amount of your line of credit?
A cosigner can only raise a line of credit on a home mortgage if both borrowers sign. Borrower and co borrower. It cannot be done by only one.
Is it possible for a first lien mortgage to be recorded in second lien position?
The only possibility I can think of is that one could have an unrecorded first mortgage or deed of trust. The second mortgage or deed of trust, if recorded, would be the first of record, and legally considered to be the first.
How can one obtain a second loan mortgage in the UK?
One can obtain a second loan mortgage by proving to a bank that they are able to pay the monthly rates even if they have a second mortgage. Lloyds, Barclays and the Royal Bank of Scotland accept second loan mortgages.
