Posted on: 22nd Nov, 2010 11:25 am
I am listed as gaurantor on the mortgage we had with a balance of $48,000. I am not on the business loan which the lender caused the quit claim to close and has a balance of $18,000.
Since the property went to me without probate I am still responsible fro the loan, in his name only, that I signed as guarentor. Am I responsible for the Business loan in his name only where the lender made us do a quit claim to close and my signature is no where on the loan.
I need to sell this property and I could pay off the 1st mortgage to avoid the almost $800.00 a month in interest but would not be able to pay off both loans the second of which I do not feel responsible for.
Thios type of lending practice is why I cannot aford to keep the property in the 1st place.
Since the property went to me without probate I am still responsible fro the loan, in his name only, that I signed as guarentor. Am I responsible for the Business loan in his name only where the lender made us do a quit claim to close and my signature is no where on the loan.
I need to sell this property and I could pay off the 1st mortgage to avoid the almost $800.00 a month in interest but would not be able to pay off both loans the second of which I do not feel responsible for.
Thios type of lending practice is why I cannot aford to keep the property in the 1st place.
hi klsid!
welcome to forums!
if the second mortgage is not in your name, then you won't be liable for paying it off. however, if you sell off the property, then both the lenders will want their dues to paid off in full. in that case, your business partner who is on the mortgage doc will have to pay off the loan.
feel free to ask if you've further queries.
sussane
welcome to forums!
if the second mortgage is not in your name, then you won't be liable for paying it off. however, if you sell off the property, then both the lenders will want their dues to paid off in full. in that case, your business partner who is on the mortgage doc will have to pay off the loan.
feel free to ask if you've further queries.
sussane
Thanks Sussane,
My partner died, leaving no estate, what funds he had went to paying the 20% that Blue Cross didn't during a 9 month battle with cancer. He did not even own a car when he died. With the 2nd not being in my name and my full ownership due to the right of survivorship. The lender should bow out on the 2nd and be happy I am paying of the 1st???
My partner died, leaving no estate, what funds he had went to paying the 20% that Blue Cross didn't during a 9 month battle with cancer. He did not even own a car when he died. With the 2nd not being in my name and my full ownership due to the right of survivorship. The lender should bow out on the 2nd and be happy I am paying of the 1st???
hi guest,
the second lender won't forgive the loan though you're paying the first mortgage. he has the rights to recover the dues. if he does not receive his dues, then he can foreclose the property. if the property has equity in it, then it will be better if you could refinance both the mortgages into one. it will be easier for you to pay off one mortgage.
thanks
the second lender won't forgive the loan though you're paying the first mortgage. he has the rights to recover the dues. if he does not receive his dues, then he can foreclose the property. if the property has equity in it, then it will be better if you could refinance both the mortgages into one. it will be easier for you to pay off one mortgage.
thanks