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What are the laws on breach of mortgage contracts?

Posted on: 11th Dec, 2006 08:58 pm
My son,who lives in Jacksonville,Fl. bought a house with his girlfriend.(both parties are on the mortgage)She left him and refuses to assume her half of the mortgage.He is financial overwhelmed with the house. Can anything be done legally to make her pay for her half of the mortgage?
If both parties are on the loan, well then both should have some responsibility towards the debt. It’s unfair for the girl not to assume her part.
Posted on: 11th Dec, 2006 09:03 pm
Does the girlfriend has her name on the loan as cosigner or co-borrower?
Posted on: 11th Dec, 2006 09:06 pm
Yes, the girl is listed as co-signer on the mortgage.
Posted on: 11th Dec, 2006 09:18 pm
Hi Bali,

If the girl is cosigner, she need not pay for the loan until and unless the primary borrower (I guess your son is the primary borrower) defaults. However, if the girl has made any written statement that she will be paying a certain portion of the loan, then she should pay it. Otherwise, you can inform the lender and if he is helpful, he"ll surely guide you to proceed further. You can also consult an attorney. But if the girl hasn't signed any such written statement, then you cannot take legal action.

Hope this is now clear to you. In case you have any related query, please feel free to clarify your doubts.

Thanks,

Caron
Posted on: 11th Dec, 2006 09:24 pm
I cannot understand why legal action cannot be taken since both parties equally signed the mortgage.Why was it necessary for the woman to sign a written statement saying she will pay a certain portion of the loan? Does this requirement only apply to Florida ?
Posted on: 14th Dec, 2006 09:23 am
Hi bali,

In general, you cannot take legal action against a cosigner if she is not making the monthly payments. This is because the cosigner has to pay only when the primary borrower fails to repay the loan. The cosigner's credit history and financial situation is often used so that a primary borrower can qualify for the loan.

If the girl disagrees to pay even after making a written statement, then you can take legal action against her. The statement will then act as a proof of the fact that the girl has actually decided to pay her portion of the loan.

However, both parties signing on the loan does not mean that each of them is responsible for monthly payments. It's the primary borrower who has to make monthly payments not the cosigner. And, this rule applies not only Florida and no other state.

Hope this is now clear to you. If you have any related query, let me know about it.

God bless you.

Samantha
Posted on: 14th Dec, 2006 09:34 pm
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