Posted on: 07th Dec, 2008 02:04 pm
I would like to ask...If a borrower is first on the note and the co-borrower is second on the note, and the co-borrower wants to sell...what rights does the co-borrower have to sell if the borrower does not?
Hi shockyshock!
Welcome to forums!
You can try buying out the borrower if you want to sell the property. But as far as I know, if you sell the property, the mortgage will become due and the lender may ask you to pay off the mortgage immediately.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You can try buying out the borrower if you want to sell the property. But as far as I know, if you sell the property, the mortgage will become due and the lender may ask you to pay off the mortgage immediately.
Feel free to ask if you have further queries.
Sussane
That is a sticky situation. Both borrowers will have to sign off in order for the sale to be completed. If one does not want to sign it will not happen. Usually they reach an ammicable agreement regarding proceeds of the sale.
You many unfortuantely have to contact a real estate attorney if that is not possible.
You many unfortuantely have to contact a real estate attorney if that is not possible.
signing a note on the top line has no bearing on responsibility or liability; nor does it have a bearing on rights.
anyone signing a note has equal rights and responsibilities as anyone else signing.
anyone signing a note has equal rights and responsibilities as anyone else signing.
