Posted on: 18th Feb, 2010 02:50 pm
I am hoping someone here can help point me in the right direction.
I have a loan that is co-signed by another person. A number of months ago she took off and left me to deal with my mortgage payments on my own.
I am now behind and they are threatening foreclosure. The problem is I am unable to find her to get her to sign any modification documents or anything else that can help me out of this situation. Even if I did, I doubt she would be willing to help me out at all.
The loan company suggested I get a Quitclaim deed and have her removed from the loan. Researching this it looks like I need her to sign this Quitclaim deed, is that correct? If so, then this does me no good as it is the same situation I am in now.
Can anyone please help clarify this for?
Thanks in advance.
I have a loan that is co-signed by another person. A number of months ago she took off and left me to deal with my mortgage payments on my own.
I am now behind and they are threatening foreclosure. The problem is I am unable to find her to get her to sign any modification documents or anything else that can help me out of this situation. Even if I did, I doubt she would be willing to help me out at all.
The loan company suggested I get a Quitclaim deed and have her removed from the loan. Researching this it looks like I need her to sign this Quitclaim deed, is that correct? If so, then this does me no good as it is the same situation I am in now.
Can anyone please help clarify this for?
Thanks in advance.
Hi jac,
A quit claim deed will help you in removing her name from the property deed. Moreover, it is your co-signer who needs to sign the deed and transfer the property to you. However, it will not remove her from mortgage. While you apply for a loan modification, you will still have to take her signatures as far as I know.
Thanks
A quit claim deed will help you in removing her name from the property deed. Moreover, it is your co-signer who needs to sign the deed and transfer the property to you. However, it will not remove her from mortgage. While you apply for a loan modification, you will still have to take her signatures as far as I know.
Thanks