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The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.

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โˆ™ 2006-07-10 15:59:58
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Q: How can one remove a cosigner from an equity loan if the cosigner is not on the first mortgage title?
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Related questions

What if you pay your first mortgage but not your home equity?

If you have a first mortgage and a home equity mortgage, the home equity mortgage is a second mortgage. If the home equity mortgage is not paid, the lender can foreclose and take possession of the property subject to the first mortgage. The home equity lender can pay off the first mortgage and keep any excess proceeds from a sale.


Can a home equity line of credit be used to pay down the principle and remove private mortgage insurance on a first mortgage?

Yes, assuming you have enough equity in the home to get a line of credit. But, if you had enough equity there should not be any PMI. 4lifeguild


What happens to your home equity line of credit when you default on your home loan?

If you mean that there was a mortgage recorded prior to the home equity mortgage and the first mortgage is foreclosed then the equity mortgage would be wiped out by the foreclosure. If you default on a home equity mortgage then the bank will foreclose and take possession of your home.


Can you have 2 mortgage loans through same mortgage company?

Yes. Your mortgage company may hold your first (or primary) mortgage as well as a second which may be represented as a home equity loan or a home equity line of credit.


How soon after buying a home can you obtain a home equity loan?

You can get a home equity loan immediately. In fact, some lenders are packaging home equity loans or credit lines as a combo with the closing on the first mortgage. Of course, to get a home equity loan you have to have some home equity...i.e. a market value greater than the first mortgage.


What happens if you default only on your home equity line but not your first mortgage?

The second mortgagee can foreclose and take possession of your property subject to the first mortgage.


How can one check their home equity status?

The first thing to do when checking a home equity status would be to get in touch with your mortgage lender. They will be able to inform you about how much equity you have and what you can do with it.


Can a primary mortgage be classified as a home equity loan?

Yes. There are 2 ways to refer to a mortgage loan: 1) Lien position on the title (1st mortgage, 2nd mortgage) 2) Product type (loan type: 1st mortgage, home equity loan, home equity credit line) If you only need to borrow $10,000 for example, this will not meet the minimum loan amount for a first mortgage with most lenders. Therefore you may obtain a "home equity loan" which is more often used as a second mortgage, but it will be the primary loan on the home.


What exactly is an equity fixed home loan?

An equity fixed home loan is a home equity loan with a fixed interest rate. These are used to repair a roof or fix a septic system. The homeowner takes this loan out in addition to the first mortgage and the equity fixed home loan is often referred to as the second mortgage.


Can you have 2 first mortgages on 1 property?

No, the second mortgage would be called a home equity loan and usually interset rates are higher. If a second loan (mortgage) is needed, it may be better to add it to the first and refinance, assuming you have equity in the home to do so


What is a seller's second mortgage?

The seller assigns keeps the first mortgage in his name, the buyer makes payments to the seller to cover the first mortgage and the sellers equity. It's sometimes called "seller financing" or "land contract".


Should you get a second mortgage or a home equity line of credit?

Mortgage loans and home equity loans are two different types of loans you can take out on your home. A first mortgage is the original loan that you take out to purchase your home. Second mortgage means cover a part of buying of your home or to cash out some of the equity of your home. It is important to understand the differences between a mortgage and a home equity loan before you decide which loan you should use. Both types of loans have the same tax benefit since you can deduct the interest on each.

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