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I signed a loan mod with a Bank, had it notarized and sent funds as requested. Two weeks later I am being told to sign a new contract with the same terms but that my spouse be added to the loan. This loan is 5 years old and she has never signed any document in regards to the loan. What do I do?

Submitted: 17 days and 23 hours ago.

Category: Legal

Value: $15

Status: CLOSED

Gender: Male

Posted by JA Expert 17 days and 21 hours ago.

Answer

Based on the facts you stated, it sounds as though they want her to sign on the new loan, as a co-signer. If you default on the loan, they can go after both of you and your assets. It is more of a security interest to have you both sign, instead of just you.

17 days and 6 hours ago.

Reply

So is the contract that was signed prior to the new request nulll and void?

Accepted Answer

Sorry for the delay. You need to read the new contract. It likely has language in it, that revokes all previous agreement and contracts with any previous lender and imposes the new terms and conditions contained in the contract.

Accepts:
Expert:	JA Expert
Pos. Feedback:	98.1 %
Answered:	11/6/2009

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Experience in misdemeanor and felony cases. General legal.

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Question

I signed a loan mod with a Bank, had it notarized and sent funds as requested. Two weeks later I am being told to sign a new contract with the same terms but that my spouse be added to the loan. This loan is 5 years old and she has never signed any document in regards to the loan. What do I do?

Optional Information

Gender: Male

Answer

Based on the facts you stated, it sounds as though they want her to sign on the new loan, as a co-signer. If you default on the loan, they can go after both of you and your assets. It is more of a security interest to have you both sign, instead of just you.

Reply

So is the contract that was signed prior to the new request nulll and void?

Accepted Answer

Sorry for the delay. You need to read the new contract. It likely has language in it, that revokes all previous agreement and contracts with any previous lender and imposes the new terms and conditions contained in the contract.

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Have your own Legal question?

Related Law Topics:

Question

I signed a loan mod with a Bank, had it notarized and sent funds as requested. Two weeks later I am being told to sign a new contract with the same terms but that my spouse be added to the loan. This loan is 5 years old and she has never signed any document in regards to the loan. What do I do?

Optional Information

Gender: Male

Answer

Based on the facts you stated, it sounds as though they want her to sign on the new loan, as a co-signer. If you default on the loan, they can go after both of you and your assets. It is more of a security interest to have you both sign, instead of just you.

Reply

So is the contract that was signed prior to the new request nulll and void?

Accepted Answer

Sorry for the delay. You need to read the new contract. It likely has language in it, that revokes all previous agreement and contracts with any previous lender and imposes the new terms and conditions contained in the contract.

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