Posted on: 08th Apr, 2009 10:08 pm
CONTRACT WAS AGREED UPON HOW TO PAY DEBT PARTIES
BOTH SIGNED THE NOTE ,STARTING jAN 9TH , MADE FIRST PAYMENT
INTEREST ONLY $166.00 per month , $4,000 w0old be payed to the principle each year for five yrs
Total debt owed $20,000
Eugene Burnett three months behind
BOTH SIGNED THE NOTE ,STARTING jAN 9TH , MADE FIRST PAYMENT
INTEREST ONLY $166.00 per month , $4,000 w0old be payed to the principle each year for five yrs
Total debt owed $20,000
Eugene Burnett three months behind
Hi DAVID,
If one of the co-borrowers have defaulted on his/her payments, then the lender will have the right to foreclose the property. if the other co-borrower wants to save the property, then he/she will have to pay off the past dues. As you have mentioned that there was a contract regarding the payments, there must be a clause regarding non-payment of dues. Actions should be taken against the defaulter according to that clause.
If one of the co-borrowers have defaulted on his/her payments, then the lender will have the right to foreclose the property. if the other co-borrower wants to save the property, then he/she will have to pay off the past dues. As you have mentioned that there was a contract regarding the payments, there must be a clause regarding non-payment of dues. Actions should be taken against the defaulter according to that clause.