Posted on: 27th Jul, 2009 02:12 pm
any advise on how to handle a mortgage modification when one party refuses and the other party is the occupant and only person making the payments. the other party is simply an invester and refuses to sign modification, wants off the loan and house is underwater. i am making all payments and 5 year interest only term is ending raising the payments to 600+ more per month. lender is willing to remodify, co borrower is not interested and is offering to take over the house without buying me out - forcing the issue as he knows i cannot afford the increase payments. refinance is not an option as house is underwater. i live in california. any advise on options?
cherb39
Welcoem to the forum
See if your partner can first agree formodificationand, so you can continue to make payments. You can promise himthat you will have some kind of legal agreement with him to release him off any responsibilites and refinace or sell the house when the market improves
I know it is difficult.
Good luck and feel free to ask
Welcoem to the forum
See if your partner can first agree formodificationand, so you can continue to make payments. You can promise himthat you will have some kind of legal agreement with him to release him off any responsibilites and refinace or sell the house when the market improves
I know it is difficult.
Good luck and feel free to ask