loss mitigation

dsierra_13 · Joined: 19 Oct 2009 Posts: 1 1.30 Dollars($)

my father and my husband are on loan for condo. We can noyt afford topay mortage . How do we get co-signer my father off loan. we may have to walk away. we tried selling by owner but condo is not worth the loan amount What to do next?They have thier own home and recently did a loan modifacation. what is a quit deed?

shane · Posted: Mon Oct 19, 2009 3:09 pm Post subject:

At this point it'd be pretty hard to get your co-signed father off the mortgage, as it'd require the remaining borrowers (your husband) to qualify on their own and if there is difficulty making the mortgage then it's probably safe to assume they wouldn't qualify for the mortgage as well (unless the situation has improved significantly for your husband since he obtained the mortgage). Your options are to try for a loan modification with your current lender, list the home with a real estate agent as a short sale, do a deed-in-lieu of foreclosure, or after you've stopped making full payments for awhile they'll eventually file a notice of default and then foreclose on your home. A quit claim deed is where a person who has ownership interest in a home gives up that ownership interest, it does not alleviate that person from the mortgage if it's in their name though.

Guest

what is this? we are currently doing loan mod. does my husband ha ve to do a hardship letter also?

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