Posted on: 27th Feb, 2009 07:52 pm
Co-borrower walked away from property Countrywide will not modify the loan what can I do?...Co-borrower abandoned the property I cannot afford the $3,200 note by myself Countrywide refuses to modify the loan. Co-borrow will not cooperate w/sale. I have filed a civil suit to force sale. This is the third month of not paying the note. What are my options? If they foreclose how much of the $342,000 will I be responsible for? Both the co-borrower and myself work and own one other property each separately. Can Countrywide put liens on the other properties?
Hi PDR
I guess you have already filed a partition lawsuit in the court. This will help you in selling off the property and satisfying the mortgage dues. As you have already filed the partition lawsuit, I don't think the lender will go ahead with foreclosure.
If the property is foreclosed by the lender, then the lender can demand the deficient amount (balance owed by you - selling price of the property) resulting from the sale of the property. If you do not pay this deficient amount to the lender, he may place lien on your other properties.
Thanks.
I guess you have already filed a partition lawsuit in the court. This will help you in selling off the property and satisfying the mortgage dues. As you have already filed the partition lawsuit, I don't think the lender will go ahead with foreclosure.
If the property is foreclosed by the lender, then the lender can demand the deficient amount (balance owed by you - selling price of the property) resulting from the sale of the property. If you do not pay this deficient amount to the lender, he may place lien on your other properties.
Thanks.
i do agree with Niicss that lender has the full right to put hold on your individual property if both you and co-borrower won't pay the note.
But foreclosure won't be a good option in this case as it will hamper your credit score.
you have written that co-borrower is not helping in selling the property either.
I think you can put forward your situation with lender with some 'professional forms' approach. they may consider your plea if you convince them you have a valid reason. :arrow:
But foreclosure won't be a good option in this case as it will hamper your credit score.
you have written that co-borrower is not helping in selling the property either.
I think you can put forward your situation with lender with some 'professional forms' approach. they may consider your plea if you convince them you have a valid reason. :arrow: