Co-Signer unable to pay

Guest 0.10 Dollars($)

I along with my friend co-signed a mortgage, but unfortunately he has fallen behind on payments. So now can I take over the property?

Any Advice.

Jessica · Posted: Tue Oct 18, 2005 9:19 pm Post subject: RE:

Hi Jimmy

Welcome to the MortgageFit Forums.

Your taking over the property depends on whether you are listed on the title or not. If you are listed on the title then you can bring a portion action to get the property divided between owners.

If there are only two owners then one will get the title and other an equity interest in the property. The equity value is nothing but the market value of their percentage of ownership in the property. So you can opt for title and let your friend get the percentage interest, by doing so you can control the mortgage payment and not worry about loosing the property.

Hope you will find this information helpful. Very Happy

Thanks,
Jessica

Guest 0.10 Dollars($)

Thanks jessica for providing this useful information it has help me to clear loot of confusion. And i really apprecaite your prompt reply.

Thanks,
-jimmy

Guest 0.10 Dollars($)

How soon can you have the cosigner removed from a mortgage?

Jessica · Posted: Tue Oct 18, 2005 10:37 pm Post subject: RE:

Hi Jonny,

Welcome to the Forums.

There are very few mortgage lenders who can remove a co-borrower he will ask you to fill a form. So ask your lender first. Mind you this will not remove them from the title. That can be done through Quit Claim Deed.

For more information on Quit Claim Deed visit http://www.mortgagefit.com/quitclaim-deed.html

Thanks,
Jessica

Guest 0.10 Dollars($)

If the person you co-signed for can not make the payments can the co-signer force the other signer to sell the property? Can they be evicted from the property? What action would have to be taken?

blue · Posted: Tue Nov 08, 2005 10:31 am Post subject:

Hi Kim,

As a co-signer you have got the responsibility to repay the loan in case your partner defaults.

But one thing is for sure your co-signer can not force you to sell the property if you have got title and continue making payments. You have every right to take your own decision.

Regarding eviction of your co-signer, you can consult an attorney to find a way out.

Hope this information will help you.

Regards,
Blue

Samantha · Posted: Tue Nov 08, 2005 11:56 am Post subject:

Hi Kim,

Welcome to MortgageFit Forums.

I am really sorry to find you in such a critical condition. Under these circumstances, I shall suggest you to hold your temper, be calm and try to find out a way in a cool head. I know it is difficult to stay calm at this stage but as a friend I don't want to let make any mistake in a hurry.

Actually if both of your names are on the Deed, then that makes both of you equally responsible for the property and have equal share in it. Again, if you are both on the mortgage, then both of you will be held responsible to maintain it. The lender will see both of you equally responsible for the loan and will never be willing to find individually, who has failed on the repay.

If any written agreement was made between you and your co-signer then you might find some other way to get the amount, but that will be between you and your co-signer only. Lender will not agree to get concerned with this.

Now for selling the house, both of you should agree for it before you sell, if bot of your names are on the Deed. No individual can sell his part.

Eviction seems not possible in this case since both of your names are on the Title. So, you can try and convince your co-signer for a Quit Claim so that his share gets transferred to you.

Further, you can consult your attorney to search for an alternative solution.

We wish you early recovery and success.

God bless you.

For MortgageFit,
Samantha

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