Posted on: 29th Sep, 2010 01:19 pm
My boyfriend is the primary borrower and his mother is the co borrower of a condo. The only reason he is on the mortgage is at the time she had to file bankruptcy and the only option to save the condo was to put the primary into his name, but he does not reside in the condo any longer. There was a loan modification done not too long ago and since then both names remain on mortgage. There have been problems in the past with his mother paying the mortgage so I am asking what rights do a primary borrower have and also is there a chance that if he asked Citi to take her name off without refinancing?
the only way for your boyfriend to remove his name from the mortgage would be to refinance the condo. your boyfriend was on the loan because his mother was a big risk. now he's stuck with it.
if he wants to keep his credit clean, he could ask his mother to pay him each month and he could make the payments to the lender. even if she pays late, if he has the money, he could make sure that the lender gets it in time so that it is not reported as a late payment to the consumer reporting agencies.
if he wants to keep his credit clean, he could ask his mother to pay him each month and he could make the payments to the lender. even if she pays late, if he has the money, he could make sure that the lender gets it in time so that it is not reported as a late payment to the consumer reporting agencies.
Hi,
i'm new registered here, i'd like to say thanks to all the mods here,
i have read a lot here and they helped me a lot.
Many thanks,
Mary
i'm new registered here, i'd like to say thanks to all the mods here,
i have read a lot here and they helped me a lot.
Many thanks,
Mary
You're welcome, Guest! :-) If you've any queries regarding mortgage or related issues, feel free to post here. The experts/members participating here will help you with their suggestions.