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Eight years ago, I helped my friend's mother to purchase a condominum. She is the primary borrower and I am the co-borrower. My name is not on the title deed. I am married with a child and wanted to buy my own house but for the last 2 years, the primary borrower has succeeded in not being able get me out of the bank loan. Somehow, her attempts always failed and my name remained today on the bank loan. What are my options to get out unilaterally. Could i force a partition sale, do a hostile takeover by buying the house outright from her to make it my sole property. I just want to get out, and am wiling to take over the loan completely if I can now become the sole property owner.

jenkin7 · Posted: Wed Apr 08, 2009 1:11 am Post subject:

Hi frustratedman,

She needs to do a refinance in her name to get your name off the deed. It has been a long time since you co-signed on the loan. Has she not been able to improve her credit score so she could alone qualify for a refinance? A partition sale will not be possible as you are not on the title and cannot claim an interest in the property. If there is enough equity in the property, I think you can have her quitclaim her interest in the property to you, get it refinanced in your name and pay her with the cash-out money.

smckaybiz · Posted: Wed Apr 08, 2009 3:26 am Post subject:

Wow! I didn't know that you could be a co-signer on a Mortgage and not be on the title.

Jenkin7 is right. You will probably have to have her refi if you want off of the loan. No lender will just simply remove a co-signer from a contract.

How about this friend of yours? Is he/she capable of helping their mother to refi?

Guest

this mess came about because I was solely helping out a friend. The primary borrower, mother of my friend whom I grew up with, is 67 and is a sharp tongued businesswoman. I did not look at the amount owed, how much has been paid today, and don't even have a copy of the bank loan myself. I was hoping that perhaps after a 10 year milestone or 20 year milestone, I could do a hostile takeover. Does anyone know the answer to the following question. in the event of a default payment by her, where the bank will come after me and I'll not pay, then repossess the apartment, sells it off and make me pay the deficiency? If the principal is 300,000 dollars, 180,000 repaid at time of default payment and sale from repossession is 100,000. Am I liable for 200,000 dollars or 20,000 dollars?

Guest

My friend is a coward. Now that he is employed as a teacher,stable salary and all, he purchased an apartment for himself and continues to have me support his mom's condominum. No excuses, I'll take responsibility for my actions. Is there any shred of counter attack I could take at all? Civily remedies? I kept evidence of email corresondences throughout this period There has got to be something I can do?

savior70 · Posted: Thu Apr 09, 2009 4:14 am Post subject:

Hi

I do understand how frustrated you must have been due to this whole messy situation. It's a pity that one who often comes forward to help others, is seldom helped by those who one had helped in the past.

I think, as Jenkin had mentioned, you should buy her out. You should get a deed signed by her, transferring property to your name and then get it refinanced in your name. What is your credit score like? Is she not willing to sign over the property to you in return for money?

gmakerley · Posted: Thu Apr 09, 2009 7:12 am Post subject:

wow - hostile takeover being considered.

oh what a mess we create when we get into bed with sharp-tongued businesswomen and cowards!

Guest

My family and everyone on our side knows that my friend and his mom(primary borrower) only wants the apartment. It's pure greed. I wonder if this could work? Since I am already resigned to paying whatever balance that primary borrower doesn't pay, is it possible for me to approach the bank and initiate a full take over of the loan. This means that instead of her being the primary borrower and me as the co-borrower, I'll assume the full loan as the sole borrower. She will then be relieved as a party to the refinanced loan that I'll strike with the bank for this property. She will remain the title deed owner where her son (my friend) will inherit when she passes away. The moment I become the sole borrower, I'll pay the first payment and go into default. The bank then will have no choice to repossess the apartment since it has not been paid up, sells it off as foreclosed apartment and I will again renegotiate a bank loan to pay off the deficiency. This could work because my friend and his mom will lose in this scenario where they lose a 500,000 property, and I'll lose. But remember that I have already lost in the first place (stuck in the contract as a co-borrower not being able to get out). Maybe they will then know that I am really prepared to go all the way. And if they are predictable, they'll have to find someone to replace me if they wanted to keep the property.

gmakerley · Posted: Thu Apr 09, 2009 6:56 pm Post subject:

none of what you've just proposed makes any sense to me. if it makes sense to you, go ahead and do it. of course, no bank is going to allow anyone to "initiate a full take over of a loan." all they want is payments as stipulated in the contract (note). they don't want to own the house, they don't want to foreclose and have to sell it, and they sure don't want to be involved in drama.
do what you wish.

jenkin7 · Posted: Sat Apr 11, 2009 12:42 am Post subject:

Hi frustratedman

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