A co-mortgagor is a person who shares the responsibility of a mortgage loan with another individual. This means that both parties are equally liable for the repayment of the loan and the fulfilment of all mortgage obligations. In the event of default or foreclosure, the lender has the right to pursue both co-mortgagors for the outstanding debt.
A co-mortgagor is a person who shares the responsibility of repaying a mortgage loan with another borrower.
A co-mortgagor is responsible for making mortgage payments, maintaining the property, and ensuring that the mortgage is repaid in full.
Yes, a co-mortgagor can be held liable for the entire mortgage loan if the other borrower defaults on the loan.
A co-mortgagor can only be removed from a mortgage loan if the lender agrees to release them from the loan.
No, both co-mortgagors must agree to sell the property and repay the mortgage loan.
Yes, both co-mortgagors are responsible for paying property taxes and insurance.
Yes, both co-mortgagors are responsible for any liens or judgments against the property.
Yes, both co-mortgagors are responsible for any legal disputes related to the property.
No, a co-mortgagor is only responsible for repaying the mortgage loan and is not responsible for any other debts or obligations of the other borrower.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 5th April 2024.
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