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    alice222's Avatar
    alice222 Posts: 4, Reputation: 2
    New Member
     
    #1

    Jun 4, 2007, 07:51 AM
    Pay off mortgage, absent co-borrower
    When I got my mortgage 16 years ago I had a friend co-sign, he was the primary borrower, I had no credit history at the time. I have made all payments, he is in& out of jail, I don't know where he is. I did get a quit claim in 2001 from him, he is still on the mortgage. I am going to pay off loan soon, do I need to find this person to do that? What if I can't find him? Thanks.
    NowWhat's Avatar
    NowWhat Posts: 1,634, Reputation: 264
    Ultra Member
     
    #2

    Jun 4, 2007, 07:53 AM
    I don't think you need to find him to pay off the mortgage. If the deed is in your name only - then don't worry about it. After you make your last payment, you will get the mortgage and note that should be stamped saying "paid in full".
    Dr D's Avatar
    Dr D Posts: 698, Reputation: 127
    Senior Member
     
    #3

    Jun 4, 2007, 08:19 AM
    I certainly hope that the quit claim deed was made out properly, executed, notarized, and recorded. If this person with a troubled past had judgments, tax liens etc, prior to the recordation of the QC deed, those bad things could attach to the property. The above post was correct; you don't need to find that person in order to pay off the mortgage.
    alice222's Avatar
    alice222 Posts: 4, Reputation: 2
    New Member
     
    #4

    Oct 24, 2007, 08:08 AM
    Quote Originally Posted by alice222
    When I got my mortgage 16 years ago I had a friend co-sign, he was the primary borrower, I had no credit history at the time. I have made all payments, he is in& out of jail, I don't know where he is. I did get a quit claim in 2001 from him, he is still on the mortgage. I am going to pay off loan soon, do I need to find this person to do that? What if I can't find him? Thanks.
    An update from Alice 222: Everything was properly filed and the house is paid off and in my name only. I just want to say that I am a person who needed a co-signer and I did NOT default on the loan. I was never late on the payments, either. Not the story you usually hear, but it can happen... Thanks for your reply.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
     
    #5

    Oct 24, 2007, 08:36 AM
    Hello again, Alice:

    I don't want to sound holier than thou. I became an expert in credit having gone through my own troubles. I now pay my bills too.

    excon

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