Best Answer

Not if the cosigner has been making the payments on time. But often the cosigner doesn't know the loan is in default until it is past due 30 days or more, so if you have received two or three (depends on state laws) Right To Cure Default letters, the bank can foreclose.

User Avatar

Wiki User

โˆ™ 2015-07-16 19:19:43
This answer is:
User Avatar
Study guides


20 cards

When buying a house can you get a larger house loan so you can pay off some of your credit cards and car

How long do you have to wait in Canada before purchasing a house after bankruptcy

What is a mortgage lien

Is home owners insurance required

See all cards
4 Reviews

Add your answer:

Earn +20 pts
Q: If the borrower cannot make the payments but the cosigner does can the mortgage company still take the house?
Write your answer...
Still have questions?
magnify glass
Related questions

Can the lending company sue the cosigner on an auto loan if borrower doesn't make payments?

Of course. That's what co-signers are agreeing to when they co-sign.

Does the cosigner on a mortgage need to be on the purchase and sale so the seller is aware of a cosigner?

That is an issue between the mortgage company, the buyer and the cosigner. The seller's only worry is selling the property and getting paid.

What can you do about a mortgage company that does not report your on-time payments?

Call the mortgage company and ask why the payments are not being reported (its illegal to NOT report payments) Further, you can call the credit bureaus, and they will request the information from the mortgage company. Realize, that in some instances credit reporting can be suspended.

Can a mortgage company put a lien on my moms paid off home if she is a cosigner for my mortgage that is deliquent?

Yes, the mortgage company can do that. She co-signed for the loan and is responsible for it if you don't pay. She can lose her house.

Can the mortgage company at any time take your home away if you are still making payments after bankruptcy?

Ususually in BK a house is either voluntarily surrendered, because it is not possible for the borrower(s) to keep up payments.. Or the buyer reaffirms the loan with the lender and works out a plan to repay missed payments. If your mortgage payments are current, I see no reason why the lender would seek foreclosure.

Can your mortgage company attach your savings account if you are behind on payments?


When mortgage holders die what are mine and the mortgage company rights?

If a mortgage holder (mortgagee) dies the rights under the mortgage pass to her heirs. If a mortgagor (borrower) dies the mortgage company has a lien on real estate that still must be paid.

Is a primary borrower's mortgage or credit affected when the co-signer on a loan declares bankruptcy?

Hard to say. If the primary borrower has been making the mortgage payments on time, it doesn't seem like he should be adversely affected. The only thing that occurs to me is that the mortgage company might require the borrower to find another co-signer. But, if there's been a good payment record for a bit, they just might be persuaded that a co-signer is no longer needed.

What services does cenlar mortagage have?

Cenlar is a subservicing company. A company that provides mortgage subservicing will collect your monthly mortgage payments and maintains your escrow account for tax and insurance payments. Many banks use them to handle the maintenance of their mortgage loans.

How long does a company have to inform a cosigner that the borrower is in default in payment?

It is their legal right to never inform you and simply allow your credit deteriorate. It is your job as the cosigner to make sure the contract is up-to-date.

What company took over mortgage payments from Countrywide?

Bank of America too over payments from Countrywide after the mortgage fraud by Countrywide. The mortgage settlement should send billions of dollars to struggling homeowners.

Which mortgage protection service or company covers payments if you were dismissed in your job?


People also asked