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Does the primary borrower need the co-signer's signature to sell his condo?
Wiki User
∙ 8y ago
Not really because the money is technically yours. However, if you are one of the good guys you should, in good faith, contact the co-signer, both of you go to the banking institution you have the loan with and go over the contract. Make the co-signer part of this. Legally, you don't have too, but if you are trustworthy why wouldn't you?
Marcy
I agree with Marcy that if you are trustworthy and have been making all of the payments without help from the co-borrower why wouldn't you include them in the sale?
Another thought to keep in mind though is if the co-signer or co-borrower is on the Warranty Deed, you would have to have their signature to sell.
Wiki User
∙ 8y ago
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What does it mean when a condo is in a foreclosure?
When a condo is in foreclosure it means that a lender is trying to recover funds from a borrower who has defaulted on their loan. The lender claims possession of the property to satisfy the debt.
What is involved when inquiring about a condo loan?
When inquiring about a condo loan a person needs to know what they want to spend, what features they desire in the condo and where they want the condo to be located.
What happens to the first mortgage on a condo in Florida when the condominium association forecloses for unpaid association fees?
For the condo association foreclosure to be valid, the bank who holds the mortgage must be notified of the foreclosure action, and the mortgage company has the opportunity to do a couple of things: They can pay the delinquent condo fees themselves, to protect their own interests, and force the borrower to pay them back. If the borrower is unable to repay the condo fees, it could put the mortgage payments in default, and be grounds for the lender to begin foreclosure proceedings. If the borrower is behind in their mortgage payments, the bank can join in the condo association's foreclosure action themselves. This is actually a great assistance to the bank, as it saves them the time and trouble of initiating the lawsuit - they just get to piggy-back on the condo association's foreclosure, which makes the foreclosure sale happen that much sooner. And since the bank's lien has priority over the condo association, the bank would be the one to get paid off first if the property got sold to a third party at the foreclosure sale, or if nobody bid on the property, they would be the ones who would become owners of the condo. If, for whatever reason, despite getting proper notice, the bank does nothing and the condo association forecloses on the property. The first mortgage holder has a lien that always survives the condo association's foreclosure. In fact, second mortgages are usually superior to the condo association's lien for unpaid maintenance fees. Usually the condo association gets stuck with owning a property with at least one outstanding mortgage with an outstanding mortgage balance greater than the actual value of the property because of the decline in real estate value. Most condo associations allow the first mortgage holder to foreclose on the property after their foreclosure is done. The main point is that in Florida a condo association foreclosure has no effect on the first mortgage.
Can you walk away from a condo mortgage without having mortgage company and association org garnishing your wages for pmts?
Not all mortgage companies seek a judgment after they foreclose (often called a deficiency action). They are less likely to do so if they believe you have no assets to go after, since it costs money to file the action and takes a long time to collect. Often, though, mortgage companies sell off the ability to seek a judgment to collection firms that specialize in deficiency actions, and the collection firm and the mortgage company split whatever is collected from the borrower. Your best bet would be to enter into a "Deed In Lieu of Foreclosure" with the mortgage company, and ask them to specifically guaranty that they will not seek to come after you for any additional money. In a deed in lieu of foreclosure, you deed the property back to the bank, and vacate the premises voluntarily. You may not have this as an option in all states, or if you have any junior mortgages or other judgments that are affecting title to the condo. If you are delinquent in your condo fees, it may also make your mortgage company reluctant to enter into a Deed In Lieu, since they would have to pay any back condo dues (this is as opposed to when a bank acquires the condo through foreclosure, where they are not always obligated to pay all delinquent condo dues).
Can a condo be a first time buyers home?
Yes.
What does it mean when a condo is in a foreclosure?
When a condo is in foreclosure it means that a lender is trying to recover funds from a borrower who has defaulted on their loan. The lender claims possession of the property to satisfy the debt.
Can you use your condo your primary residence for a equity line of credit?
If you live there, of course. If you do not live there, then it is not you 'primary residence'.
How do you change the title of a condo to remove cosigners after it has been paid fully?
You work with your attorney to affect the change in title that you want. Your attorney can guide you and advise you, so that you produce the documents required in order to change the title of ownership.
What insurance companies will provide homeowner or condo insurance for a rental condo without having to insure your primary residence in my case rental insurance?
Your local insurance broker can answer your question.
Who is Maxine on buildabearvillecom?
Maxine is a REAL WOMEN who works at the real-life buildabearville workshop store, if you have a buildabear, on the certificate there might be Maxine Clark's signature on buildabearville, there is a place called; Maxine Clark's Condo, that place is Maxine's personal condo that she actually made on buildabearville
Do in condo washing machines overload condo plumbing?
Not if the condo was built to code.
What has the author George Condo written?
George Condo has written: 'George Condo'
What to expect in foreclosure of condo not primary home?
The foreclosure of a condominium unit upon which you hold a mortgage should proceed like any other foreclosure.
owner?
Condo Roccia
What is involved when inquiring about a condo loan?
When inquiring about a condo loan a person needs to know what they want to spend, what features they desire in the condo and where they want the condo to be located.
What is the birth name of Eleonore Condo?
Eleonore Condo's birth name is Eleonore Louise Anna Condo.
How do you build the cat condo in my sims kingdom?
Go to the space where you are building the condo then there are red blobs where the blocks and fences go. Paint the condo then add the butterfly to the condo and your done!
