CassieNet News :: Thinking of getting a mortgage :: RE: Co-Owner

Thinking of getting a mortgage :: RE: Co-Owner - Right of Survivorship

Author: sam
Subject: Re:
Posted: Wed Aug 03, 2005 5:22 am (GMT 0)
Topic Replies: 3

Hi Swendt,

Welcome to MortgageFit forum.

I can very well understand your situation and my sympathy is with you. Since you have not signed the promissory note, you are not obligated to pay the mortgage. But you have signed the Deed of Trust and you also have the right of survivorship. So you can talk to the mortgage company and voluntarily agree to pay off the part of the mortgage that can help you to retain your interest in the property. In this way you can prevent the auction.

Another way to retain your interest is to refinance the mortgage with another loan, with only your name in the promissory note. This is the only way by which you can keep your home. But before you do so, just consult a mortgage attorney so that he can guide you for further course of action.

Hope you have benefited from this information.

Please let us know if you have any other query. Also sign up with us at http://www.mortgagefit.com/signup/ to avail free consultation on further queries.

Regards,
Sam

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