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Does foreclouse affect the spouse credit who is not on the mortgage?
No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.
I cosigned a mortgage for another person but I am not on the deed. What are my rights?
Actually, you have no rights. All you have is an obligation to pay the mortgage if the primary borrower doesn't pay. If you co-signed a mortgage for property that is owned by another person you have offered to pay the mortgage even though you have no rights or interest in the property. If the borrower defaults the bank will go after you for payments just as you promised when you signed the mortgage. If the mortgage is foreclosed it will be reported on your credit record.
Can two people own the house but one have the mortgage?
A legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lendersA legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lendersA legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lendersA legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lenders
Can someone that has a home equity loan with a co-signer just sign the loan over to the co-signer?
No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.
Can a co-owner refinance a property without telling the other co-owner?
No. A prudent lender will require that all owners sign the mortgage so that it can take the property by foreclosure if the borrower defaults. If only one signed the mortgage the lender can only take possession of a half interest in the property.No. A prudent lender will require that all owners sign the mortgage so that it can take the property by foreclosure if the borrower defaults. If only one signed the mortgage the lender can only take possession of a half interest in the property.No. A prudent lender will require that all owners sign the mortgage so that it can take the property by foreclosure if the borrower defaults. If only one signed the mortgage the lender can only take possession of a half interest in the property.No. A prudent lender will require that all owners sign the mortgage so that it can take the property by foreclosure if the borrower defaults. If only one signed the mortgage the lender can only take possession of a half interest in the property.
Can a co signer be relieved of responsibility on a home loan after a period of time?
Only with the OK of the lender.Once a mortgage has been signed it will remain in effect until it is paid. The bank required a co-signer in order to guarantee that mortgage would be paid if the primary borrower defaults on the payments. The co-signer remains responsible for the mortgage until it is paid off. In order to get your name off a mortgage you co-signed the mortgage would need to be paid off and refinanced in the sole name of the primary borrower.
Can you get a mortgage if you have co-signed a loan?
The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.
Who's credit is affected if the deceased person's mortgage is not paid off and the spouse was not a co-borrower?
Only the decedent's credit record will be affected if they were the only person who signed the mortgage. However, if the mortgage isn't paid the lender will take possession of the property by foreclosure.
My husband cosigned for my 2nd mortgage and he is not on the first mortgage. if we have the same lender for both mortgages and we quit paying on the first mortgage how fast will his credit be impacted?
Since he is not listed as a borrower on the first mortgage his credit is not affected by paying or not paying that mortgage. Even if both loans are with the same company, he is only held responsible for the loan in which he signed.
Am I responsible to repay a cosigned mortgage upon default?
If you are the co-signer the answer is yes. That's why the bank required a co-signer. When you signed you agreed to be responsible for paying the full amount of the loan if the primary borrower defaults. In the case of a mortgage for another person's property, you agreed to pay for property that you don't own. You should read the documents you signed.If you are the co-signer the answer is yes. That's why the bank required a co-signer. When you signed you agreed to be responsible for paying the full amount of the loan if the primary borrower defaults. In the case of a mortgage for another person's property, you agreed to pay for property that you don't own. You should read the documents you signed.If you are the co-signer the answer is yes. That's why the bank required a co-signer. When you signed you agreed to be responsible for paying the full amount of the loan if the primary borrower defaults. In the case of a mortgage for another person's property, you agreed to pay for property that you don't own. You should read the documents you signed.If you are the co-signer the answer is yes. That's why the bank required a co-signer. When you signed you agreed to be responsible for paying the full amount of the loan if the primary borrower defaults. In the case of a mortgage for another person's property, you agreed to pay for property that you don't own. You should read the documents you signed.
Can mortgagee enforce mortgage when the borrower mortgaged a 20-year leasehold right to obtain the loan when the loan remains unpaid and the lease has expired?
Yes. Usually a mortgagee is required to foreclose not only the owner's rights, but also anyone else with a "junior lien". A leasehold mortgage is typically subordinate, but there are times it can "prime" a first mortgage, so without more facts that's the best we can do.AnswerGenerally, if the borrower has only a leasehold interest and the security interest is the leasehold interest the fee owner must consent to the mortgage. If the fee owner did not consent the lender would need to pursue the borrower for payment. The security interest has disappeared but the debt has not. The borrower signed the note and mortgage promising to pay. The borrower should consult with an attorney who can review the situation and determine the options, rights and obligations.
The co-owner on my deed and mortgage doesn't pay the mortgage or other bills and they come and go as they please saying there's nothing I can do. What are my options?
You cannot remove a joint tenant from the deed. They would have to execute a deed voluntarily, transferring their interest in the property to you. You cannot make any changes to the mortgage that you signed. A co-borrower on any mortgage always takes the risk that the other borrower won't pay. Unfortunately, that means you will be responsible for paying the mortgage or the lender will take possession of the property by foreclosure.You should consult with an attorney who can review your situation and explain your rights and options. You may need to sue the joint owner.You cannot remove a joint tenant from the deed. They would have to execute a deed voluntarily, transferring their interest in the property to you. You cannot make any changes to the mortgage that you signed. A co-borrower on any mortgage always takes the risk that the other borrower won't pay. Unfortunately, that means you will be responsible for paying the mortgage or the lender will take possession of the property by foreclosure.You should consult with an attorney who can review your situation and explain your rights and options. You may need to sue the joint owner.You cannot remove a joint tenant from the deed. They would have to execute a deed voluntarily, transferring their interest in the property to you. You cannot make any changes to the mortgage that you signed. A co-borrower on any mortgage always takes the risk that the other borrower won't pay. Unfortunately, that means you will be responsible for paying the mortgage or the lender will take possession of the property by foreclosure.You should consult with an attorney who can review your situation and explain your rights and options. You may need to sue the joint owner.You cannot remove a joint tenant from the deed. They would have to execute a deed voluntarily, transferring their interest in the property to you. You cannot make any changes to the mortgage that you signed. A co-borrower on any mortgage always takes the risk that the other borrower won't pay. Unfortunately, that means you will be responsible for paying the mortgage or the lender will take possession of the property by foreclosure.You should consult with an attorney who can review your situation and explain your rights and options. You may need to sue the joint owner.
