Posted on: 05th May, 2011 07:57 am
My mom was co-borrower on my brother's home loan, he was primary. He got divorced, the wife stayed in the home, and with out my mom's approval she is now primary borrower and the ex-wife in co-borrower.
Is that legal?
Is that legal?
generally you cannot change positions or remove parties from a loan without a refinance. possible that the lender was forced to by courts? in my experience, even with a court order, it takes a refi to remove, change a party on the loan. title to the property can be deeded from one party to another. without signatures of your mom, i dont see how they could change your loan terms. was it a modified loan?
Welcome julie,
Absolutely... unless there is a mortgage refinance, a co-borrower won't be able to become a primary borrower of the mortgage. Your mother should ask the ex-wife of your brother to refinance the mortgage solely in her name. This will make the ex-wife solely liable for the mortgage payments.
Absolutely... unless there is a mortgage refinance, a co-borrower won't be able to become a primary borrower of the mortgage. Your mother should ask the ex-wife of your brother to refinance the mortgage solely in her name. This will make the ex-wife solely liable for the mortgage payments.
