Posted on: 07th Aug, 2009 11:58 pm
I'm looking at the paper work for the foreclosure, and I'm not sure what I'm reading.
I signed a mortgage for a co-worker. It says that I am the "original obligor", and she is the "record owner". Does this mean my name is not on the deed?! How is that possible if my name is the only one on the mortgage.
If my name is the only one on the mortgage, what are my options as far as getting my name off immediately?
If my name is not on the deed I'm completely screwed, aren't I?
I signed a mortgage for a co-worker. It says that I am the "original obligor", and she is the "record owner". Does this mean my name is not on the deed?! How is that possible if my name is the only one on the mortgage.
If my name is the only one on the mortgage, what are my options as far as getting my name off immediately?
If my name is not on the deed I'm completely screwed, aren't I?
i guess you are the cosigner for the loan. in such a case, you would be liable for the mortgage in case the primary borrower i.e your co-worker is unable to pay off the loan. your co-worker will have to refinance the loan in her name if you want to remove your name from the mortgage doc. if your name is not on the property deed, then you do not own the property but you are liable for the mortgage as your name is on the mortgage deed.
It is as good as being a guarantor for her. Generally people do sign there when you have good financial relations with the borrower. In return you may expect to sign when you borrow for yourself. Most of the times, due to unavailability of the co-signer, there are chances that the borrower may ispresent the things to get his work done. But there is no escape, as the documents say that you have read all the above conditions and agree with them, sorry to say!
Though the gauranter for property is required but some problem is definatelty there who becomes co borrower for any ones loan. Co signer for the loan agreiment is equally responsible for loan the primary loan owner. so first take decison carefully while going for the cosingner for any loan.Take care, observe the financial condition of that person to whom you will be going as co-signer.Make sure that you know that person very well in terms of his/her financial status so that in future you should not be worry for the any finacial conditions. As mentioned the co-signer is responsible for the loan if primary loan owner not able to pay the loan.
But as refinance is option to remove the name from the deed.
For removing your name you have to refinace to her name.
But in general i will suggest the people to take decision carefully before being as co-signner.I will say just avoid being co-signer as long as it is possible.(unless nad untill it is not required )
T
But as refinance is option to remove the name from the deed.
For removing your name you have to refinace to her name.
But in general i will suggest the people to take decision carefully before being as co-signner.I will say just avoid being co-signer as long as it is possible.(unless nad untill it is not required )
T