name on loan but not on bills

[sadandconfus]

Does that matter? since the loan was sold i wonder if the new mortgage company has my file. since i want to do a modification and it says to provide information on both people on the loan. i wonder if i just give them my stuff?
anyone have that problem?

[StartingOver08]

If you signed the loan (note) than you are responsible. Sometimes the lender only puts one of the party's actually on the statement. Who knows why? But it does not change the responsibility of the signing parties. So if two people signed the original note, then both need to supply their info.

[sadandconfus]

thats not what i wanted to hear.

[OhioFiler]

If you signed the loan (note) than you are responsible. Sometimes the lender only puts one of the party's actually on the statement. Who knows why? But it does not change the responsibility of the signing parties. So if two people signed the original note, then both need to supply their info.

Probably because some computer nerd decided the NAME field on the billing statement could only be XX number of characters!

[sadandconfus]

well when we did the settlement for the refinance, the lady put on the face of the packet the other person is for legals only. The other party just showed me their credit report and it didnt have any mortgages listed on their file. I just wanted to know if the late payments were reported. NO reports of mortgage and NO negative reports. ON my credit report it says deliquent 180 days on both mortgages. What do you think of that?

[StartingOver08]

Ummmmm??? Not really sure. Sounds like two people are on the deed and one is on the note, but it is not possible to know without looking at the note itself.

You can own property with another person and both of the parties are on the deed, but only one party is responsible for the loan. To determine the responsible parties to a loan, you look at who signed the note. The note is the promise to repay the loan. The mortgage is the intrument that ties the loan to the property - it allows the lender to take the property if the note is not repaid according to the terms of the note.

So, look at your original note. If the lender wants to work with you on a modification, and allow you to take over the note and remove the other person - then make that part of the modification. If the lender wants you both, maybe you can convence the lender that the other party is not needed. This is a tough one, because lenders like to have as many parties as possible on the loan to go after to make sure they get paid. But it is worth trying to get it worked out.

As to the reporting of the loan, I don't know what the lender is doing. Credit reports are notoriously wrong either with reporting incorrect information or reporting correct information to the wrong party. So the CR issue does not indicate who owes the debt.

[sadandconfus]

thats the thing i wonder when they sold my loan if my current lender has the original paperwork.

[StartingOver08]

That's a big question now.....in our area more than 25% of the notes are lost. You can find out if the new servicer/lender has your note, you just need to send in a qualified written request. Here is one sample (I've seen others that are more comprehensive - just google 'qualified written request'): http://www.ftc.gov/bcp/edu/pubs/cons...mes/rea10.shtm