Asked 2/4/2009
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Mortgage related I am on social assistance and have a joint mortgage with a self employed person with a brokerage firm can they forclose on me?
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Answer 1/1 - Submitted 6/20/2011
As long as there aren't any late payments, there's no threat of foreclosure. This option is only pursued by banks as a last resort after repeated late payments, or when the homeowner falls so far behind on their payments that they can never make them up. Do whatever is necessary to keep your payments up to date, and you shouldn't have anything to worry about.
I don't think that trying to sell the home to a family member for a cheap price will work. In many cases, you need plenty of formal paperwork to initiate this kind of arrangement. If you re-finance, it may be possible to add a new co-signer. However, even under these circumstances, introducing new parties who weren't involved from the start is difficult.
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