by Mike Schnierla from Freeport, Illinois USA
Ask Kate: Can mortgage coborrowers force homeowners to refinance or sell a house? I bought my house with a co-signer who now wants off the mortgage. But I can't refinance because of my credit. Can I be forced to sell? What can happen to to me?
Kate Answers: Can mortgage coborrowers force homeowners to refinance or sell a house?
Hi Mike, More than likely, when your co-signer helped you buy the house, in addition to signing for the mortgage, your lender required the co-signer to be on title also.
Many homeowners do not understand the difference between mortgage and title. Think of it this way. Mortgage is to owing money as title is to owning the home.
Your question pertains more to rights and obligations of holding title than mortgage financing. That's why I'm suggesting that you contact an attorney in your state.
However I am asked about mortgage coborrowers often. Take for example, Ono who asked how to add his wife as a mortgage coborrower
and whether it would affect the monthly house payments.
Lisa-Rae wanted mortgage refinancing advice
about a property purchased a year and a half before her co-borrower left her in despair.
At Mortgage Cosigners For Buying A House
you'll meet Ed who spoke with a friend about co-signing the mortgage but wondered if it was a wise move.Buying A House Without A Coborrower
comes from a first time home buyer asking if there are ways to get a home without anyone coborrowing.
But even more important is understanding that selling the house might not alleviate your mortgage responsibility. Yes, you heard me right! It is possible to sell your house and still owe the full amount of the mortgage.
I find this happens when homeowners are under stress like you describe. So don't miss learning how to guard yourself at Sell Your House - Real Estate Investment Advice
from quick promises too good to be true.
Now let's get even more into the nuts and bolts of homeownership. Follow the links down below leading to an assortment of practical tips. Take a moment to bookmark Mortgage Coborrowers
to your favorites so you can easily return in the future.
Mike, please come back and visit often. Help me spread the word by sharing my website with your friends.
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