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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 27626
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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Trying to help fill out some loan modification paperwork.

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Trying to help fill out some loan modification paperwork. Property in question is in foreclosure. *History* Borrower 1 (sister) wants to keep the property, but has insufficient income to make it work. Borrower 2 (brother) regrets ever co-signing the loan, has never lived at the address and does not contribute to mortgage/household expenses. I, fiancee to borrower 1, live at the property and pay mortgage/household expenses. *Question* How do I fill out the information for borrower 2 for the loan modification paperwork concerning income when borrower 2 does not want to provide that information?
Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help solve your problem.

Good afternoon. I certainly understand the situation and your concern. In order for the lender to consider a loan modification, the borrowers need to cooperate. Both have to agree to modify the loan and the terms and conditions which are imposed. If the brother does not want to provide the income information or have anything to do with the subject property, that is his choice. He can not be forced to modify the loan and can allow the home to go into foreclose. Why he would want to do this is beyond me, since it will have a negative effect on his credit and remain there for roughly 7 years. If someone is willing to make the payments, it can only benefit him. The only other solution if he does not want to cooperate is to see if the lender will allow him to be removed from the loan and you to assume the responsibility of it, along with your fiance. This way, he gets off the loan and walks away and the two of you would be responsible for paying. Of course, that is at the discretion of the lender but something to inquire about.

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