Posted on: 04th Feb, 2013 01:04 am
Hi there… If a property is jointly owned, the couple are no longer together but are still paying the mortgage as the property is yet not sold off - if one person cannot keep up with their share of the mortgage, does it automatically get taken from the other joint owner? Will mortgage companies seek payment from the other named person if one can’t pay?
Hi Guest,
Th mortgage company may ask the other borrower to pay off the loan on behalf of the other mortgage borrower. If one borrower does not pay off the loan, the lender has the right to come after the other borrower for full payments.
Thanks,
Jerry
Th mortgage company may ask the other borrower to pay off the loan on behalf of the other mortgage borrower. If one borrower does not pay off the loan, the lender has the right to come after the other borrower for full payments.
Thanks,
Jerry
If both of them are in the mortgage, then the mortgage company can seek payment from the other named person if one can't pay.