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Co-Borrower

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Icon Mini Profile jameshogg
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Post Posted: Wed Aug 27, 2008 2:54 am    Post subject: RE: coborrower gives up ownership
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Welcome drea.

If you wish to give up ownership rights on property, you'll have to sign on a grant deed and convey your interest in property to the primary borrower. But you will have your name on the loan too. But do you wish to remain on the loan? If no, then the lender would probably ask the primary borrower to refinance the loan in his name.

Thanks
betty

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Post Posted: Tue Sep 09, 2008 12:56 pm    Post subject: signed as co-borrower on deed of trust
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I was awarded the house in a divorce. Somehow all the papers on the house disappeared in the divorce. This is what I found online: looks like a deed of trust and on all the papers at the bottom I signed as co-borrower. My ex signed a quit claim deed and it was recorded. However, mortgage company said to get his name off I would have to pay and qualify for a loan. I can not qualify for a loan. Its been 5 years allready,that i've been making payments yet the mortgage company refuses to speak to me about anything. They say im not on the mortgage and therefore have no rights to know anything pertaining to the loan. Being that I signed as co-borrower wouldnt that entitle me to some rights?
Icon Mini Profile sara
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Post Posted: Wed Sep 10, 2008 5:11 am    Post subject:
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Hi betty,

If you are the co-borrower, then you do have rights to know about any terms or conditions of the loan.

Quote:
mortgage company said to get his name off I would have to pay and qualify for a loan. I can not qualify for a loan.

The mortgage company has actually asked you to refinance wherein you take out a new loan in order to pay off an existing mortgage.

In your situation, the ex-husband has quitclaimed property to you. The lender wants you to refinance the loan in order to take your ex-husband's name off the loan.

The fact remains that your ex-husband didn't take his name off the loan which is why he still remains as the primary borrower.

Take Care

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kiana

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Post Posted: Thu Oct 09, 2008 4:57 am    Post subject: what happens when a co-borrower dies.
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would the borrower on the mortgage loan be subject to refinance at a different rate?
Icon Mini Profile smithsussane
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Post Posted: Sat Oct 11, 2008 12:10 am    Post subject:
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Hi Kiana!

Welcome to Forums!

Yes, once you refinance a loan, the rate of interest can change. This is because you are taking a new loan to pay off the existing one.

Feel free to ask if you have further queries.

Sussane
Marie

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Post Posted: Wed Dec 10, 2008 9:51 am    Post subject: C-Borrower
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Does the co-borrower have to live in the property or live in the same state as the primary borrower?

Ex: my sister my consider being a co-borrower, does she have to live in the home? she lives in NY i live in Florida.
Icon Mini Profile smithsussane
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Post Posted: Wed Dec 10, 2008 10:29 pm    Post subject:
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Hi Marie!

Welcome to forums!

As far as I know the co-borrower will have to live in the property. But again this will depend upon the loan terms and conditions and can also vary from lender to lender. It will be the lender's discretion whether he wants the lender to stay in the property.

Feel free to ask if you have further queries.

Sussane
Karen Houston

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Post Posted: Fri Feb 06, 2009 5:08 pm    Post subject: I was listed as a coborrower before married on a townhouse
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Hi.I was a coborrower on a townhouse with a man friend who I later married and divorced.My question is,would I be entitled to get anything on the townhouse if he passed away?He had informed me that the townhouse was paid off a few years ago.In the divorce settlement,there is no mention of the townhouse being divided as I wanted to just get out of the marriage quickly.Do I own any of this townhouse even though we are divorced,bought the townhome before we were married?
Icon Mini Profile eric1
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Post Posted: Fri Feb 06, 2009 7:46 pm    Post subject:
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The best chance you have to get a piece of this real estate is if your name is still on the deed. You can find out without asking him. Just do down to the records room and look up the deed info.
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Karen AZ

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Post Posted: Thu Mar 05, 2009 12:35 pm    Post subject: Rights of a co-borrower
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I just bought a home with my parents in Arizona in October 2008. I am not married, but at the time of the purchase I was living in California but since then have changed my primary residence to the new home in Arizona. I still commute to California to work. We are listed on the deed as tenants in common but, I would like to know if I can claim any percentage of the first time home buyer credit considering I did contribute money toward the purchase, and I am a first time home buyer, or can only my parents claim the whole 100% of the credit considering they were residents in that state at the time of the purchase? What are the rules regarding this situation? Are they considered primary and I have no rights to anything? Also if I am the only one paying the mortgage can I ever get thier names off the mortage loan and /or deed?
Icon Mini Profile adonis
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Post Posted: Thu Mar 05, 2009 11:37 pm    Post subject:
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Hey Karen,

If your name is on the mortgage doc and the property deed, then you can definitely claim the first time homebuyers tax credit. However, you should note that if your parents are also on the property deed, then they will also have to be first time home buyers. If they do not qualify as first time home buyers, then you will not get the benefit of the tax credit.

If you want to remove their name from the mortgage docs, you will have to refinance the loan in your name. You can ask them to sign a quitclaim deed in your favor and transfer the property to you. This will help you in removing their name from the property deed.

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Karen AZ

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Post Posted: Fri Mar 06, 2009 9:11 am    Post subject: First time home buyers credit
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Thanks adonis this info is very helpful, they are considered a first time home buyer also so do we claim 50/50 or can I claim the 100%
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Post Posted: Sun Mar 08, 2009 10:35 pm    Post subject:
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Your parents and you can negotiate and decide whether you want to take it 50-50 or you want to claim the 100% tax credit on your taxes.
junglegina

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Post Posted: Sat Mar 28, 2009 2:33 pm    Post subject: refinance
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Due to divorce I am about to refinance to get my ex-husband's name off the current mortgage. Just before the divorce we refinanced to get a fixed rate - I signed the papers with him. The mortgage company would not speak to me since he is the primary borrower. I am the co-borrower, right? Can I refinance in my name only?
Icon Mini Profile Niicss
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Post Posted: Mon Mar 30, 2009 2:21 am    Post subject:
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Hi junglegina

I don't think you won't be able to refinance the mortgage in your name only because you are a co-borrower. Refinancing the mortgage will depend upon your credit score, income and equity in the property. If your financial situation is sound and if there is equity in the property, then I don't think you should face issues in refinancing the mortgage.

I would suggest you to speak to few other lenders and check out what they have to say in this case.

Thanks.

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