Posted on: 16th May, 2010 12:20 pm
Hello, I co-signed a construction loan for a modular home foundation. Once the foundation was completed, the bank was suppose to write up new paper work and I was going to remove myself as a co-signer. The bank made a mistake and put the loan through as a straight home loan. The bank manager admitted a mistake was made. Is this a breach of contract? Do I have any options?
Hi waj,
I guess you are still on the home loan as a cosigner. I would suggest you to ask the primary borrower of the mortgage to refinance it in his or her name. Once the primary borrower refinances the loan in his name, he or she would become responsible for it. You won't be liable for the mortgage any further.
I guess you are still on the home loan as a cosigner. I would suggest you to ask the primary borrower of the mortgage to refinance it in his or her name. Once the primary borrower refinances the loan in his name, he or she would become responsible for it. You won't be liable for the mortgage any further.
It's my ex wife and she will not do it. I co-signed so she could get the ball rolling and my two kids could have somewhere nice to live half the time. I ended up getting full custody and now she holds that over my head…nice huh. The bank admitted a mistake was made and I'm hoping they will force a refinance. Thanks for the response.