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changes to loan without all parties signing ??

I don’t understand how the bank can change the loan agreement without my consent: the house was granted to my ex in the divorce and a quick claim deed was completed. My ex didn’t [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the home to get my name off, so my name is still on the mortgage. Some how he was able to re-modify change the loan terms and payment without my signature or consent: Can this be do thru the new Obama loans? I tried to get a copy of paper work and the bank stated that only one copy would be sent to property address and I would have to contact him for the information.

sunnyca2009's picture
sunnyca2009 | Joined: August 4, 2009 07:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Nope the bank cannot change the terms of the loan or do modification with out the signature of both the parties involved

You shoudl check this with the bank and disput it to makesure that your ex did not sing on behalf of you. Also does the bank know that you are divorced

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

I don't think it's legal to change the loan terms and conditions without your consent as your name is still mentioned in the mortgage docs. You should contact an attorney and decide what steps you need to take in this regard.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:13 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

was the modification detrimental to you? if not, what's the beef? frankly, in this environment, it may not be possible for your former spouse to obtain a new loan to refinance. is there equity?

i agree, in principle, that the lender ought not to do any modifications without the authorization of all concerned parties, but if the changes made were favorable to all, then i think i'd let it go. if he cannot refinance, yet has made the terms more favorable through the modification, then you're better off, as the only other alternative was to continue with the mortgage as-is.

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sunnyca2009's picture
sunnyca2009 | Joined: August 4, 2009 07:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

george

I think notsure would like to get off the mortgage.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:13 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

oh, no doubt, sunny. but in this current economic environment it is extremely difficult for people to refinance. if the changes to the existing mortgage are beneficial to the ex-husband and allow him to continue to make the payments, then that's beneficial to both of them if he is unable to refinance. better to have the mortgage continue to remain current than to try to force him to do something that's impossible to do (if that's the case)

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sunnyca2009's picture
sunnyca2009 | Joined: August 4, 2009 07:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Agreed, but if notsure wants to buy a house, that may be impossible unless she shows enough income

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

no doubt you're right.

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sunnyca2009's picture
sunnyca2009 | Joined: August 4, 2009 07:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Good luck notsure

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thank you all for your advise… and you are correct Sunny, I would like to purchases a new home in the future and I also feel that the bank is giving him a hard time about re-financing him due to there best interest that 2 parties on loan is better then 1, Should the loan default because since the divorce he has acquired almost 25, 0000.00 in debt – not including the home (that he has not paid on). I’m also concern that should he pass or something, I am not on the deed …. and clearly I would not want to pay for a home that I cant own or live in. I trusted him when we got divorce and just sign my name, but there should have been a clause or term about the house.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i truly doubt the bank figures that having 2 people obligated is favorable. but if your ex forged a deal to modify the loan, it is likely that he was not in good shape to do so; and you just verified that with the story of other debt he has accummulated.

refinancing is probably not an option for him with whatever credit issues are there.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

this was actually me:

truly doubt the bank figures that having 2 people obligated is favorable. but if your ex forged a deal to modify the loan, it is likely that he was not in good shape to do so; and you just verified that with the story of other debt he has accummulated.

refinancing is probably not an option for him with whatever credit issues are there.

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sunnyca2009's picture
sunnyca2009 | Joined: August 4, 2009 07:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

George i do nto think notsure confirmed that her ex really forged her signature

nitsure

if they have already done the modification thats good, in way so your ex does nto defult the loan, probably now he can afford the payment

but for soem reason he defaults then your credit report will also have a nig impact

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

that's not what i was saying...the definition of "forge" is actually "to form or make, especially by concentrated effort." that's how i was using the word. and "forging a deal" would be wildly different from "forging a document" in any event.

sorry for the confusion, though.

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sunnyca2009's picture
sunnyca2009 | Joined: August 4, 2009 07:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

No probelm George

I have also done such mistakes in my posts and you have been alwsy good at correcting them

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i am also an editor, sunny. if you or anyone you know is writing a book or anything that needs to be excellent, please feel free to let me know.

it ain't free, but it's top-notch!

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

most of yours are typos, though, i think. it's a good thing i know how to decipher them.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If a mortgage loan is signed by only the wife, but the deed is in the husband's name, is it legal? Can the mortgage holder foreclose on that property?
Again this is in TEXAS.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Johnn!

Welcome to forums!

Normally the lender will want the person on the mortgage docs to be on the property deed as well. If the mortgage lender does not receive his dues, he can foreclose the property. But if the property is in the name of someone else, then the lender may charge off that loan and the collection agency will come after the concerned person to collect the dues.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I was also a party of a loan so that a family member could buy a home, and found out they did not pay for 24 months by running a credit report. The bank modified the loan payment and terms to 50 years without why approval. When I requested the documents, they sent them to me with only the other 2 parties signatures. When contacting the bank they stated they did not need my approval but am still responsible. Does anyone know what options I have as honestly I would have preferred to take the hit and not be responsible for 50 years. I made a mistake in 2005 and believed the mortgage company when the rep told me that my name would only be on the loan for 6 months and then she would remove it. I should have discussed it with multiple people prior, but can not go back into the past.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Charwoo!

Welcome to forums!

Your name won't be removed from the mortgage deed unless the other parties [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the loan in their name. You can ask your concerned family members to refinance the loan in their name in order to remove you from the loan.

Feel free to ask if you've further queries.

Sussane

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