Posted on: 30th Mar, 2009 05:19 pm
My mom co-signed in 03', and in 05' was taken to be removed from the title but not the mortgage. But my mom didnt know any better, and now the lady's mest up my moms credit because of her late payments, so now she refuses to accept what shes done, and won't speak to my mom or answer phone calls or anything, can my mom sue?
hi terealma,
yes, your mother can definitely sue her. you can consult an attorney who may help your mother in this regard. however, i don't think suing the other lady would help your mother much. if the property is foreclosed due to non-payment of debts, her credit will get ruined by 250 points. moreover, the lender will have the right to sue her for the deficient amount.
if the other lady can't refinance the mortgage in her name, then you should ask her to speak to the lender about novation. it is also a process of transferring the mortgage from one person to another.
thanks
yes, your mother can definitely sue her. you can consult an attorney who may help your mother in this regard. however, i don't think suing the other lady would help your mother much. if the property is foreclosed due to non-payment of debts, her credit will get ruined by 250 points. moreover, the lender will have the right to sue her for the deficient amount.
if the other lady can't refinance the mortgage in her name, then you should ask her to speak to the lender about novation. it is also a process of transferring the mortgage from one person to another.
thanks