Questions on Joint Borrowers and Mod

[bccorona]

Here is my quick story. Bought my house in late 04 for 660,000 by doing an 80/15/5 loan. The 1st was an interest only for 528,000.00 and the 2nd is fully amortized at 8%.

Fast forward to late May 2009/ House is now worth 475K and I have never been late with payments. Individual I bought the house with is no longer living there but still remains on the loan (but was quick claimed off title) back in 06. My hardship has been that since the other person I bought the house with is no longer living at the house, this resulted in a loss of income and the payments have fallen on me.

Started the mod process with Wells. I just spoke with them yesterday and they approved me for forbearance for 3 months which reduced my payments on the 1st by 600.00. I'm assuming they will make it a permanent payment but I have to go through this trial period. I'm still waiting for the docs so I will update everyone once I receive them.

Questions:

1) Since the co-borrower is no longer on title, will the banks usually require the co-bowwer to sign off on anything even if they are no longer on title?

>2) If the co-borrower refuses to sign anything, do I have any other recourse?

[faith]

Hellow,
I am sorry to hear about your situation. I found this website about quit claim and I hope it helps.

Divorce And Quitclaim Deeds

God bless and take care.