Compare Mortgage Quotes

kkeller8698 · Joined: 15 May 2009 Posts: 1 1.00 Dollars($)

My husband co-signed on a house for his brother when he was 18. The brother does not make the payments on time, and it is affecting my husbands credit. Since his brother refuses to sell the house, and he won't be able to refinance to get my husbands name off the loan, what can we do?

gmakerley · Posted: Fri May 15, 2009 9:46 am Post subject:

kkeller, he is fully obligated as a cosigner to make payments on that loan, so that's certainly one thing that can be done. when he cosigned, that should have been made clear.

he could begin a legal action to force his brother to sell the home, also. and a question - can your husband refinance the property by himself and make payments easier, if that's a viable option?

sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

is there any legal documents between your husband and his brother? That can protect your husband from paying the brothers loan. if anything legal documents otherwise as he s cosigner he has to pay loan if brother not paying.

gmakerley · Posted: Fri May 15, 2009 10:52 am Post subject:

sunil, no "legal document" can override the signature on the promissory note.

Guest

There weren't any legal documents, and we can't refinance the house into our names because the brother wants to keep the house. We want to sell the house, but again can't do it. If the brother were to refinance the house, wouldn't he have to give my husband a portion of the equity? I'm not sure how that whole process works

gmakerley · Posted: Fri May 15, 2009 11:20 am Post subject:

if he refinances, he would not necessarily be obligated to do anything for your husband. that's something the two of them would need to work out.

Guest

Alright! Thank you for your help!

Guest

my 20 year old college student daughter co signed a 4000.00 loan for a now x boyfriend, he is now not paying the loan...she is a college student works part time and has no money...what are her rights and what right does a bank have letting her co sign, being a student w/ a part time job?

jameshogg · Posted: Sun Oct 10, 2010 10:23 pm Post subject:

Hi kane,

Your query has been replied to in the given page:
http://www.mortgagefit.com/annoucements/about45008.html

Take a look at it. Hope it helps you.

Thanks

Guest

my sister bought a bedroom suites she is supposed to pay for it before the due date because it was on sale so she will not be charge the interest on it. my other sister pays for the first 3 months and now the sister who bought the bedroom suites is not paying what should i do to make her pay for it. should i file for a small claim court so she pays for it?

smithsussane · Posted: Sun Jun 05, 2011 9:59 pm Post subject:

Hi julieta!

Welcome to forums!

Before filing a lawsuit at the small claims court, I will suggest you to contact an attorney and take his opinion in this matter. He will guide you what is best suited for you.

Feel free to ask if you've further queries.

Sussane

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

What rights does a co-signer have?