Posted on: 03rd Jan, 2010 08:23 am
What does it mean to be the lead person on a jointly co-owned property and mortgage obligation. Does the lead person have certain rights and can they remove a co-borrower who is not living up to their part of the mortgage obligation. And if so, can this co-person be removed from the deed on the house.
hi ccunnin,
lead person on the loan may mean the primary borrower of the mortgage. this person is responsible for the mortgage payments. in case, if this person is unable to pay, then the lender will ask the co-signer of the loan to pay off the dues. if both the borrowers are on the property deed, then both of them are the owners of the property.
in order to remove a co-borrower from the mortgage, the other co-borrower has to refinance it. if you want to remove the other person from the property, then you'll have to ask him to sign a property deed in your favor.
thanks
lead person on the loan may mean the primary borrower of the mortgage. this person is responsible for the mortgage payments. in case, if this person is unable to pay, then the lender will ask the co-signer of the loan to pay off the dues. if both the borrowers are on the property deed, then both of them are the owners of the property.
in order to remove a co-borrower from the mortgage, the other co-borrower has to refinance it. if you want to remove the other person from the property, then you'll have to ask him to sign a property deed in your favor.
thanks
i have not seen "lead person" in reference to joint indebtedness. lenders will consider people primary and secondary borrowers, but neither appellation gives a person any rights or responsibilities that are more or less than the other person.
every person who signs a promissory note is 100% liable for the payment of that debt. it is never the case that if borrower 1 doesn't pay the lender comes after borrower 2, unless it is a pure co-signing situation.
in order to remove a coborrower from a property title, you'd have to go to court.
every person who signs a promissory note is 100% liable for the payment of that debt. it is never the case that if borrower 1 doesn't pay the lender comes after borrower 2, unless it is a pure co-signing situation.
in order to remove a coborrower from a property title, you'd have to go to court.
