Legal Question in Real Estate Law in Michigan
I'm listed as coborrower on a mortgage w/ my boyfriend as the borrower. We've decided to split and he's moving out. He wants to foreclose. I can't afford the payment on my own. I don't know all my options. Have you ever heard of a mortgage company refinancing 1/2 of the owed balance to the coborrower and make the borrower still responsible for his half? I could afford that payment then?
1 Answer from Attorneys
No, especially not in today's market. Your best bet is to immediately seek a loan modification through your mortgage company and explore all options. Refinancing is probably not feasible unless you have a lot of equity in the house and you have good credit. Do not hire a company to do your loan modification - you can do it for free through your lender. Anyone who offers assistance should not require money up front. If they do, it's a scam. If you need legal assistance re: your options and his liability and/or damage to your credit, then I can help you. I also assist clients with the loan modification process, as it can be difficult to communicate with your lender. Check your lender's website for loan mod, forms, and other information. Get the process started immediately as it can take up to a year.
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