Question: When I purchased my home my Mother co-singed the loan. * She was living here at the time. 8 months ago she moved out of state to be closer to other family. I would like to do a loan modification now. Will my lender allow me to be the only person on the loan? or will they require my Mother to co-sign as well. She is elderly and not comfortable signing a loan. She is also concerned about being eligible for Medicaid.

Answers

Posted By: info@rtlmwest.com on Feb 17, 2010 12:47AM

A: That is a good question. If she co-signed on your original loan she will need to sign the modified agreement. She will not be assuming a new loan just the ammended terms of the existing one. Usually these terms are better for the homeowner as they result in a lower monthly payment. There is no difference to her being on the loan now and signing the modified agreement. As for medicade I cannot give any advise as I know nothing about it. Please feel free to contact my loan modification company at 877-702-9104 or visit www.rtlmwest.com for more help. You can also fill out one of the contact forms on the get started tab of this website.