Can a mortgage be modified by the signature of 1 of 2 of the parties fiscally responsible for the mortgage?

If 2 people obtain a mortgage where they both are fiscally responsible for it is it legal for the mortgage lender to approve a modification based on the signature of only one of the fiscally responsible persons, or are 2 signatures required?

Asked on June 8, 2012 under Real Estate Law, Colorado


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If two people are both signatories to the mortgage, they are both liable under it. The mortgage could only be modified by the signature of all parties to the mortgage--the lender cannnot modify the mortgage with the signature of only one of the two co-mortagors or co-signors.

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