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How can a co-borrower remove themself from a mortgage loan?

I am separated and have not lived in the house since January 2006 and he is paying the mortagage and has always paid the mortgage. NOw he is paying the mortgage very and it is ruining my credit. But now he cannot [url=http://www.mortgagefit.com/refinance.html]refinance[/url] because of his credit and I don't know if he will be willing to sell the house.

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Pmorketter,

Welcome to Mortgagefit discussion board.

As a co-owner of the house you can start a partition lawsuit through which the house would be sold. After the sale the proceeds will be divided by the court between both of you. Partition lawsuit can be started by any of the co-owners of the house [b:cde16265db]even if other owners do not agree to sell the house[/b:cde16265db].

The loan can then be paid off from the amount which is received out of the sale. As you are not staying in the house anymore, it will be better for you to have the house sold. The defaults on the mortgage are unnecessarily hurting your credit.

Do let me know if you have any other questions.

Thanks
Blue

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:04 | Post subject:

carnahandavid's picture
carnahandavid | Joined: December 21, 2006 04:07 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Pmorketter,

If he does not agree to sell the house and continues to default then you can start a partition lawsuit as Blue mentioned.

After you file, the court will issue summons to him. You will be required to get an appraisal of the house and after which judgment will be issued. The judgment is called interlocutory judgment of partition for sale. The court will then appoint one real estate personnel to sell the house. After it is sold the court will provide you with an order approving the sale and for the proceeds to be distributed between both of you.

You would also be able to recover the involved costs and some part of the attorney fees from the proceeds that will be distributed to him. The reason is that as per laws one who starts the lawsuit is considered to be doing so on behalf of all other owners of the house.

But I would advice that you take help of an attorney to know the other details on how to proceed in this regard.

David

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:04 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

It is not that easy to remove co-borrower from the loan. This will depend more upon the lender. One can surely refinance to get the co-borrower removed. But then the co-borrower you mention here cannot refinance due to poor credit. So, you need to talk to the lender and request him to remove the person's name from the loan.

Refer to similar discussions on How to remove co-borrower from loan for more knowledge.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:04 | Post subject:

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi pmorketter,

I hope you haven't gone through a divorce or any legal separation agreement as that does not allow you to go for partition lawsuit. So, presuming that there isn't any such separation between you and the co-borrower (your husband I suppose) and both of your names are on the title, you can file a partition lawsuit.

Thanks,

Sara

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Most of the other post I have come across on this subject deal with the party who left the house wanting to sell and the party who stayed wanting to keep the property. My situation is different. I bought a house with my fiance' in Spring of 06. The peak of the housing market. I have been trying to sell for most of 07. I finally got an offer for $15k less than I paid and 2k less than I owe. On top of this I still have to pay realtors fees. My ex refused to sell the property unless I paid her another 10k. I can't even afford to stay in the house, which is why I am willing to sell at a loss. I am in the process of filing a partition lawsuit. How will this work? Will I be able to put it back on the market like before or will can be forced to take a lesser settlement? Who will be responsible for the cost of selling when the partition is ordered.
Thanks

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livinginnky's picture
livinginnky | Joined: September 8, 2007 08:31 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

pylon,

Your other post will suffice. In my experience it is easier to get help when you only have 1 thread running for your question.

If you or others would like to respond do so at http://www.mortgagefit.com/know-how/about9172.html

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:04 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

David you mentioned in your above post that in a partition lawsuit the proceeds from the house are distributed between the 2 parties. What if there is still a negative balance after paying the mortgage and realestate cost? Would that cost have to be split between the 2 parties?
Thanks

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi pylon4,

IN case of Partition Lawsuit, after paying the mortgage and real estate cost, if f there is still a negative balance, I think both the parties will have to pay that balance equally.

Thanks,
Larry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Several siblings inherited family home after parents death. One sibling has occupancy of home other siblings live somewhere else. The sibling that has occupancy of the house has been promising to buy out the others, but has failed in any attempt for A LONG TIME. She has had reoccuring health problems and some financial problems. Each time she has asked for time and understanding. Since the problems were real, she was granted the time. Now there is no more time to give. There is no mortgate involved. How much time does the occupant have once the partition is obtained to either get out or buy the house. If the occupant can not buy the house but damages the house in anger, what do we do then?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:04 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi guest,

As you and your other siblings have also inherited the property, you can take legal actions against her if she damages the property. You and your other siblings will have to negotiate with her so that she buys out you and others on a particular date and if she is unable to do so she will have to leave the property.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I WANT TO STOP PARTOTION SUIT MY EX IS ONLY ONE ON MORTGAGE DUE TO A PROBLEM AND HAS LET HOUSE GO INTO FORECLOSURE . I HAVE TRIED TO GET MORTGAGE COMPANY TO LISTEN TO ME BUT THEY WONT. I AM GOING TO COURT ABOUT IT. I NEED THIS HOUSE I AM DISABLED IT IS NEAR EVERYTHING . HOW CAN I STOP IT? OTHER PERSON HAS NOT PAID NOTHING SINCE THEY LEFT.

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi

As far as I'm aware of, there is hardly any way you can stop a partition lawsuit. It could be stopped only if there is any out-of-court settlement between the parties involved. I think you should consult a real estate attorney to find out any possibility of stopping the lawsuit. But the best way out is to settle the matter mutually among yourselves.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i really didn't get what you were driving at, fork, but i think that savior has made a sensible suggestion. by all means, contact a lawyer to help you.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Okay so heres my situation... my ex kicked me out of the house that we bought together and manipulated me into signing a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] and told me that he was going to refience. Well he never did and he stopped paying payments now my credit is being affected and it has been 6 months and has gone through the forclosure process but he is in the phase of trying to sell it to get a quick sale. I dont know what to do my credit is going to be shot what should I do? I am really scared because what happens when I want to buy another house with my future husband and i cant because of my credit. PLEASE HELP

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I'm currently seperated from my spouse who lives in our home we are both on the deed. My question is can she sell without my signature?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Guest,

As your name is mentioned on the property deed, your spouse won't be able to sell off the property without your signatures.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:04 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

MY BROTHER HAS TAKEN LOAN AMT FOR OUR RESIDENCE FOR WHICH HE IS UNABLE TO PAY NOW THE PROPERTY IS UNDER AUCTION .SO BEFORE I WANT TO SETTLE MY SHARE AMOUNT HOW CAN I DO IT.KINDLY GIVE SUGGESTIONS

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi RAJI,

The mortgage was taken on the whole property. In such a situation, I don't think you'll be able to sell off your portion of the property to someone else. The whole of the property will be sold off at the auction.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

When a number of parties hold in common title on raw land but the majority partners all with the same interest have failed to probate and never will, what will happen to the parties who failed to probate once a petition for partition is initated?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Suzy!

Welcome to forums!

When a partition is initiated, the court may have to decide regarding the heirship issue. Nevertheless, it will be better if you could contact a real estate attorney and take his opinion in this matter.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

would a partition sale prove to be my wisest option for recouping my investment into a home on 4.62 acres from my spouse who has no desire to agree to a sale. I personally have paid for the entire package, with half of the proceeds being from prior to our marrage. For the past 6 years I have continued to pay for all maintainance minus $500.00.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi paulpep,

If you go for a partition lawsuit, then court will order the sale of the property. Once the property sale is over, all the owners of the property will get equal shares from the sale amount.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own 1/3 share of our family and I have financial problems to where I need a loan can I take out a loan without the other2/3 signayure

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi lori,

You can take out a loan on the whole property with your signatures. But you will have to inform the other property owners about it.

Thanks

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:04 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We have a property. all documents (Parcha/ records) are in our name. One cousin brother claims and suit for partition for the land. in 1920 CS record contains his forefather's name. In 1926 there is sale deed through which our fore fathers got the land. The property laying the urban in West Bengal.
Now question is can he claim this partition suit?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi ncr,

As far as I know, West Bengal is somewhere in India, isn't it?

In such a situation, you will have to contact a real estate attorney of your region and discuss the matter with him. He will let you know what actions you need to take in this matter.

Thanks

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:04 | Post subject:

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