Posted on: 29th Nov, 2008 08:35 pm
Greetings,
I am a co-borrower on a mortgage loan. The second borrower has abandoned the property and left the state. It has been over two years since I have been in contact with the co-borrower and I am now married. My wife and I would like to remove the other person from the loan, but have no idea where to start and most attorneys seem to not want to take the case. Is there anything that I can do?
I am a co-borrower on a mortgage loan. The second borrower has abandoned the property and left the state. It has been over two years since I have been in contact with the co-borrower and I am now married. My wife and I would like to remove the other person from the loan, but have no idea where to start and most attorneys seem to not want to take the case. Is there anything that I can do?
welcome!
unfortunately, you will have to find the other borrower, get their signature on a quitclaim deed and then refinance the mortgage.
technically, that other borrower is entitled to half of the equity simply because they were on the title in the first place! sometimes people are reasonable about this and other times they act like pigs.
if that is the case, you will have to sue to force a sale of the property and an equitable division. there are many attorneys who do this every day, but they are most likely going to require a substantial fee up front to take such a case.
unfortunately, you will have to find the other borrower, get their signature on a quitclaim deed and then refinance the mortgage.
technically, that other borrower is entitled to half of the equity simply because they were on the title in the first place! sometimes people are reasonable about this and other times they act like pigs.
if that is the case, you will have to sue to force a sale of the property and an equitable division. there are many attorneys who do this every day, but they are most likely going to require a substantial fee up front to take such a case.
Hi Mark,
I agree with Carl Pruitt. The borrower has to quitclaim the property, then only you will be able to refinance it. If you cannot find the other borrower, its better to go for a partition law suit wherein the court will sell off the property and the money will be divided between both the owners. To know more about partition law suit, check out the following link:
http://www.mortgagefit.com/know-how/removecoborrower.html#22313
Thanks,
Jerry
I agree with Carl Pruitt. The borrower has to quitclaim the property, then only you will be able to refinance it. If you cannot find the other borrower, its better to go for a partition law suit wherein the court will sell off the property and the money will be divided between both the owners. To know more about partition law suit, check out the following link:
http://www.mortgagefit.com/know-how/removecoborrower.html#22313
Thanks,
Jerry
