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A FHA loan modification was granted to one of the tenants in common (co-owner) without the knowledge of the other owner.

by nicksdiane502 from Washington, District Of Columbia. May 10th 2016 Reply


Larry Gray (lgray_312_247)
#5 ranked lender in California - 1,127 contributions

Not sure what your question is? Are you wondering how the FHA loan modification could have been done without the knowledge of the other owner? Apparently the loan was in only their name?

May 10th 2016
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Yes. The otherl tenant in common died in 2012, loan approved 2014 with deceased listed on the note and all documents. Do not believe that death of co-tenant was known by lender at time of transaction. Documentation and notary statements also questionable. As PR for the estate I am initiating sale of property and need 2014 activity/lein removed from obligation of heirs.

May 10th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,788 contributions

More info needed.. If both names are on the deed and the title, then one person cannot encumber the property without the other owners permission/consent.. Also understand that FHA would not have issued the modification if the payments were made on time.. in most cases, the modification helped save the property from foreclosure.. but without knowing all the details of your specific scenario, it's difficult to advise you. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

May 10th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,788 contributions

Ok.. so I just now saw your response..but again, it only raises more questions.. if 2 people enter into a purchase together and there is a mortgage involved, and they took title as joint tenants with right to survivor ship, then this would give the living tenant rights to do a modification.. Realistically, you should be consulting with a real estate attorney... there is so much that needs to be looked at before anyone here can advise you.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

May 10th 2016
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