No, if the second person's name is on the title. Both people will have to sign at closing.
Yes. ==Clarification== The mortgage company can only foreclose if the OWNER of the real estate signed the mortgage. If someone other than the owner signed the mortgage the bank has no interest in the property and therefore cannot foreclose.
no
The West Mortgage company offers customers mortgage and financial advice. They offer various lending options to persons requiring or renewing a mortgage.
According to information that is available to view on finance websites that offer information about loans and how they work, the information states that a person or persons owning a property may be able to secure a 125 percent refinance equity loan with the condition that it is not to pay another loan or debts off.
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If you have the means to borrow money, you may spend that money in whatever manner you choose. The important question should be: Is it wise to pay off another persons mortgage? NO. If they cannot pay their mortgage they probably cannot pay you either.
what is your knowledge and experience assisting indigent persons
That's how it works!
Need to file a "Quit Claim Deed". However, this will not remove that persons name from the original deed of trust - the only 100% certain way of getting a name removed like this is to refinance the loan. You cannot remove someone from a deed based on whether or not they contributed to the down payment or the mortgage payments without their consent, conveyance or without a legal order from forcing them to do so.
It can be easier if you use their credit by putting them on title on the home and use there credit, however they will be responsible for the loan and be on title as at least a part owner. If you use another persons credit to do a refinance, the other person must in most title states be put on title and will be responible for the loan even if you both sign which you would have to do.
the person with the lowest score
Prior to purchasing a new home, people often get pre-approval status with either a mortgage broker or a financial institution. From there, persons can actively search for houses. It is often done prior so to prevent persons from overspending or loving a home which they can not afford.