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Two on the Mortgage |
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I am the primary borrower on a house loan in which my business partner is listed as secondary. He has defaulted on his half of the payments the last two months due to personal issues with me. What are my rights as a primary holder of the loan? |
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I haven't seen the documents involved, and I'm not familiar with the terms "primary" and "secondary" borrower. In most cases, anyone who signs the mortgage documents is personally responsible for the whole debt. I would guess that you are, and that you may have to make up the missing payments to avoid foreclosure. If you think your situation is different, take the mortgage documents to your own lawyer for an explanation. |
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Edith
Originally published on August 1, 2007 |
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