Texas Home Equity Loan» mortgagor

What options do I have to remove a co-mortgagor from my home loan?

admin — Sat, 19 Dec 2009 05:24:31 +0000

I purchased a townhouse 5 years ago with a co-mortgagor. We both lived at the residence until she decided to stop paying and moved in with her boyfriend. She is still on the mortgage with me, but she refuses to make any payments.

She wants to be taken off of the mortgage, but we are upside down on our mortgage and we do not have any equity in the home. Refinancing is not possible because we owe ,000 more than what our house is currently worth. She wants out of her mortgage obligation, and she wants to just walk away.

I tried to do an assumption with our mortgage company, but they denied me. .This would have allowed me to take on the entire loan by myself, and it would have removed her from the loan. They said my income is not sufficient to approve the assumption.

What other options do I have? I just want to keep the house. My co-mortgagor will not sign her rights to the house over to me until she is taken off of the mortgage. Do I have the right to take legal action against her for walking away from her financial responsibilities?

1st mortgagor foreclosed & did not pay any to my 2nd mortgage, do I have to continue to pay the 2nd?

admin — Wed, 02 Sep 2009 03:00:25 +0000

My 1st mortgagor foreclosed & did not pay any to my 2nd mortgage, do I have to continue to pay the 2nd? (State of Tx) Is the secondary mortgage now considered an unsecured loan? I don’t understand why I’m still obligated to pay the secondary if I don’t even own the home any more…. It’s 30k!

My Credit Union offered me a HELOC at the prime rate (variable.) Do I bother shopping around?

admin — Wed, 22 Jul 2009 03:09:09 +0000

A HELOC (Home Equity Line of Credit) is being offered to me by my credit union at the prime rate, currently 5%. I was wondering if I should just take that and end my search, or if I shouldwaste my time shopping around. My mortgagor offered to roll the expense into a new 30-year fixed but with 0K in home equity, why bother paying closing costs and a higher (6.25%) interest rate than the HELOC? Should I just stop looking and take the HELOC at Prime?

Texas Home Equity Loan» mortgagor

What options do I have to remove a co-mortgagor from my home loan?

1st mortgagor foreclosed & did not pay any to my 2nd mortgage, do I have to continue to pay the 2nd?

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My Credit Union offered me a HELOC at the prime rate (variable.) Do I bother shopping around?

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