Posted on: 12th Oct, 2009 08:37 am
I am a co signer of a mortgage from wells fargo for a condo in wpb fl. The property mortgage has not been paid by the primary debtor since June. The HOA has not been paid either. We are estranged from eachother for 2 years. The propery purchase took place 3/2006. I have not been notified from any of the parties involve with the property. I am currently considering bankruptcyas a result of the debt on this property. I cannot afford to pay the mortgage an association fees. Am I able to have my name remove from this loan through a simple assumption? Thank you for any help or direction you are able to provide me with.
Some details about simple assumptions
http://www.mortgagefit.com/discuss/simple-assumption.html
http://www.mortgagefit.com/discuss/simple-assumption.html
hi guest,
if the mortgage is assumable, the primary borrower can assume the mortgage and release you from the mortgage liability. otherwise, he will be required to refinance the loan in his name to remove your name from the mortgage. but the fact that he has not been able to make the payments can make things difficult for you. if the main borrower is not paying the mortgage, it is unlikely that the lender would allow him to assume the mortgage. they would also not want to remove you from the loan in that case.
if the mortgage is assumable, the primary borrower can assume the mortgage and release you from the mortgage liability. otherwise, he will be required to refinance the loan in his name to remove your name from the mortgage. but the fact that he has not been able to make the payments can make things difficult for you. if the main borrower is not paying the mortgage, it is unlikely that the lender would allow him to assume the mortgage. they would also not want to remove you from the loan in that case.