Posted on: 25th Mar, 2009 01:07 pm
My son is separated and is getting a divorce. Before the separation he and his wife agreed to go into foreclosure. There house is worth $300,000. less than the mortgage they owe. She has told him she got the loan modified. He did not agreed to this or sign anything about a modification. He has asked her if she used his income and she told him "you didn't sign anything did you". Is it possible to get a loan modification without signatures and proof of employment from both parties on the deed? She could never qualify for a loan on her own.
To my understanding, if BOTH parties are on the loan, they BOTH have to agree to the terms. Maybe she got them to agree on doing the modification, but it hasn't gone into play yet.
Good luck!
Good luck!
Thanks Ashley,
It makes sense. Hope your right.
It makes sense. Hope your right.
Hi sphelan,
I do agree with Ashley. Since your son and his wife are listed on the loan, both of them have to reach a consensus and agree to the terms of the modification for it to go through.
I do agree with Ashley. Since your son and his wife are listed on the loan, both of them have to reach a consensus and agree to the terms of the modification for it to go through.