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A borrower and co-borrower on a loan share benefit and liability equally. The only practical difference between the two is that loans are generally priced (interest rate or fees) based on the primary borrowers qualifications (these qualifications may actually determine who is primary and who is secondary). While the primary borrower's name is first on documents for the loan, the co-borrower is equally liable and has the same rights.
While your rights as co-borrower may not be less than the borrower, people often overestimate the rights of either party. For example, many divorcing spouses assume they have the right to call the lender and remove themselves from the loan, which is not the case. If you separate and there is no court order to refinance the loan and you never refinance it out of your name and the primary stops making payments, the lender has every right to collect from you and report the late payments on your credit.
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Is your ex husband responsible for a mortgage refinanced?
Responsibilty and ownership rights in the home is different from rights and responsibilities for the loan. Anyone who signed the loan note is responsible for the monetary debt.
If you purchased a home with your ex-roommate can she refinance the home in her name only to remove your name from the loan since you have moved out?
No, if your name is on the home you are 1/2 the legal owner of the property. You are then responsible for 1/2 of the loan. If your roommate can qualify for the loan on her own you would have to reliquish your rights to the property to remove you from the ownership of the property
Can a home equity loan be used for a downpayment on another home?
A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. There is no restriction on how we can use the money from Home Equity Loan.
What are home equity loans for?
A home equity loan is a loan to be used to make repairs on a home. It is a loan that can be taken against a mortgage to fix a problem or make upgrades to a home.
Is a home improvement loan a recourse loan?
no. why would it be a recourse loan
You cant get a mortgage loan can i put your sister on the loan eventhough she live on a different state?
You can add your sister that lives out of state. One of my personal favorite loan for this is the FHA loan. She will be classified as a "Non-Occupying CoBorrower"
Is your ex husband responsible for a mortgage refinanced?
Responsibilty and ownership rights in the home is different from rights and responsibilities for the loan. Anyone who signed the loan note is responsible for the monetary debt.
What is a coborrower's liability on a Mortgage?
The liability is 100%. Both are 100% responsible for payment.
If you purchased a home with your ex-roommate can she refinance the home in her name only to remove your name from the loan since you have moved out?
No, if your name is on the home you are 1/2 the legal owner of the property. You are then responsible for 1/2 of the loan. If your roommate can qualify for the loan on her own you would have to reliquish your rights to the property to remove you from the ownership of the property
If a spouse is not on a mortgage loan do they have rights to the house?
The answer depends on the laws in your particular jurisdiction and when the property was purchased.
Can you back out of buying a home if you lose your job?
No. Not after you sign on the dotted line when you get your loan. If you fail to pay, then the lending institution is within their rights to foreclose and take your home.
Can a person's name be removed from a loan as coborrower if he wins a civil lawsuit?
It depends on the circumstances. That depends on whether the bank was a party to the lawsuit. If the court ruled the loan document was a forgery it may be binding on the bank. If you co-signed a loan and sued the other borrower regarding the payments, the bank isn't obligated to take your name off as co-signer. You would need to negotiate with the bank.
Are you liable if your spouse has a foreclosure but your name is not on the loan or the final deed when it was signed back to the bank?
The liability in foreclosure comes from the responsibility for the mortgage debt. Regardless of your legal ownership or interest in the home, you do not have liability for the mortgage debt if you are not a party to the loan (did not sign). The home is the collateral for the loan and can be foreclosed and sold as recourse when the loan goes into default. While everyone who has an interest in the home loses their rights to the home when it is foreclosed, the liability for the loan and any negative actions associated with that (collections, lawsuits, negative credit reporting) belong solely to the signers on the loan.
What is the student loan consolidation law?
The student loan consolidation law allows borrowers to combine multiple federal student loans into a single loan with one monthly payment. This can simplify repayment and potentially lower monthly payments by extending the repayment period. It's important to note that private student loans are not eligible for federal consolidation under this law.
Can a home equity loan be used for a downpayment on another home?
A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. There is no restriction on how we can use the money from Home Equity Loan.
What are my rights if a loan I cosigned for isn't paid?
A co-signer is fully legally responsible for the debt of the loan if the other person on the loan fails to pay as per the signed loan contract. All rights and responsibilities are in the contract.
A home equity loan is a lump-sum second mortgage loan made on the available equity in a home?
True, home equity loan.
