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loan modification

Posted on: 25th Jul, 2012 08:10 am
I have already read many times that a quick claim will not remove me as a coborrower of a loan, (do not understand the law on that one but that is another story)

I am a coborrower of a house that has bounced back and forth from 3 different banks and the house has danced on foreclosure multiple times, (needless to say my credit is massively suffering)
A loan modification was done without my signature, with it being a change in the loan how is it I am still liable when I never agreed to the new terms?
Hi ioshta!

Welcome to forums!

If you were on the mortgage, then your signatures should have been taken while modifying the terms and conditions of the loan. If that has not been done, then it's illegal and you can take actions against the concerned person.

Feel free to ask if you've further queries.

Sussane
Posted on: 25th Jul, 2012 09:02 pm
Hello ioshta

Actually, taking all of these potential deductions into consideration is important so that you can minimize the amount of money that you have to pay to the IRS after a loan modification.

:idea:
Posted on: 25th Jul, 2012 10:06 pm
If you are a co-borrower of the loan, mortgage modification can not be done without your signature.
Posted on: 26th Jul, 2012 03:26 am
So in the instance where the bank did the modification and stated they did not need my signature would that invalidate my responsibility to the loan as the signatures were not mine?
Posted on: 26th Jul, 2012 06:45 am
Hi Nathaniel,

You need to check out the present loan documents carefully to find out whether or not your name is mentioned on it. If not, then you won't be liable for the payments.

Thanks
Posted on: 26th Jul, 2012 09:42 pm
Is there something I can use for reference when I am talking to the bank, I checked and I am not mentioned in the loan modification.
Posted on: 27th Jul, 2012 06:30 am
Welcome Nathaniel,

You can contact the lender and let him know your whole situation and check out his opinion in this matter. Also, you should ask the co-borrower to take the full responsibility of the loan.
Posted on: 27th Jul, 2012 08:27 pm
I am the co borrower, the main borrower did a loan modification without me, and now they are looking at doing a bankruptcy, I never signed the modification and I am trying to find out if I am still accountable for the debt.
Posted on: 30th Jul, 2012 09:04 am
Hi ioshta!

Welcome to forums!

If your name is mentioned on the mortgage docs, you will be accountable for the mortgage payments.

Feel free to ask if you've further queries.

Sussane
Posted on: 30th Jul, 2012 11:54 pm
I am a co borrower on a loan modification. Am I liable if the borrower doesnt make payments ? If i am the co borrower will my name go on the deed?
Posted on: 21st Sep, 2013 03:53 pm
Hi patti,

If you are a co-borrower of the loan and your name is mentioned on the mortgage docs, then you will be liable for the mortgage payments. A co-borrower's name remains mentioned on the property deed in most cases.
Posted on: 22nd Sep, 2013 11:23 pm
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