Posted on: 22nd Feb, 2009 09:47 am
Hi,
My question is in regards to a second property that is co-owned with another party. As I attempt to re-finance my primary residence, the lender is requesting the note from the second home. I called the second home lender and requested the note. When I received it, only my name is on it. The other party is on the deed and signed other parts of the loan documents. Without the other party on the note, does that make them have no financial responsibility?
thanks for the help
My question is in regards to a second property that is co-owned with another party. As I attempt to re-finance my primary residence, the lender is requesting the note from the second home. I called the second home lender and requested the note. When I received it, only my name is on it. The other party is on the deed and signed other parts of the loan documents. Without the other party on the note, does that make them have no financial responsibility?
thanks for the help
Hi jaberle,
If the other party's name is on the mortgage docs but not on the property deed, then he/she is still liable to pay the mortgage. But if the other party's name is not on the mortgage doc, then he/she will not be responsible to pay the mortgage.
Thanks
If the other party's name is on the mortgage docs but not on the property deed, then he/she is still liable to pay the mortgage. But if the other party's name is not on the mortgage doc, then he/she will not be responsible to pay the mortgage.
Thanks
thank you for the response, what if they are on the deed but not on the mortgage? would they still be responsible?
Hi Guest,
If a person is on the deed but not on the mortgage, he/she will not be responsible for the mortgage payments. If you default the mortgage payments, the lender can never ask them to pay the dues.
Take Care.
If a person is on the deed but not on the mortgage, he/she will not be responsible for the mortgage payments. If you default the mortgage payments, the lender can never ask them to pay the dues.
Take Care.