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What else can I help you with?
What is a coborrower's liability on a Mortgage?
The liability is 100%. Both are 100% responsible for payment.
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"
What happens when a coborrower stops paying their portion of mortgage?
The other co-signer is responsible for paying the mortgage. If the mortgage goes into default both credit records will be ruined. Both signers are equally responsible for full payment. If one doesn't pay the other must or the bank will foreclose.
Does banker have right to search your credit when not a coborrower on spouses refi of 85k rental home I have a 7 year old discharged bankruptcy but a 729 score and not working and he 855 with 95k year?
sounds like he is the borrower. You can not be a borrower without income. You can be on the titlewithout income you should not be on the loan. The bank has to check just his credit with just his income . thanks John d the mortgage man
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.
How do you be on deed without being coborrower?
The deed is the document that names the owner(s) of the property. The mortgage is the instrument that pledges the property as security in case a loan (note) for the property is not repaid. The mortgage that we get to buy or refinance a house is comprised a note and the pledge of security for that note. Therefore the mortgagor (the bank) wants all people that own the property to pledge it as security for the note. If you own a house with a mortgage and note on it, and then add someone to title (deed) you may have broken the terms of the mortgage and given the lender the right to foreclose. You have invoked the alienation clause in the mortgage contract which requires that the note be paid off prior to any transfer of title. So, you would not have to be a co-borrower (i.e. on the note), but you would most likely have to be on the mortgage (pledging the property to secure the note) if you are listed on the deed as an owner of the property.
