who has the right collect the rent the owner or cosigner

miguel5922 · Joined: 18 Oct 2009 Posts: 2 1.58 Dollars($)

I helped to purchased a house in 2002. The real state company put me as the principal onwer of the property. Now the cosigner lives in the property and collects the rent for two of the other units, but is not making the mortgage payment for the property. I been making the mortgage payment for this property for the past four months. Can someonle please let me know of any solutions to get thsi problem fixed.

Niicss · Posted: Mon Oct 19, 2009 2:54 am Post subject:

If you're the principle owner of the property, then you have the rights to collect the rental dues and pay off the mortgage payments. You can start collecting the dues from the tenants and inform the co-owner of the property about it.

jveenstra · Posted: Mon Oct 19, 2009 12:02 pm Post subject: Rent

You indicate the bank made you the principal owner?
Do you mean the bank listed your name first on the mortgage application?? If that is the case and the other person is listed as the coborrower on the application, you are both equal owners. It does not matter whose name is listed first or second.
If the other person is a true cosigner---that is different from a true coborrower. A "cosigner" is someone who is not on the deed, therefore they are not an owner at all. As a cosigner, their income was used to help qualify for the loan. They are NOT an owner. In that case, they should not be collecting rent as they are not an owner.

If you are both on the mortgage and both on the deed, you are both owners and it would be legally correct for either of you to "collect" the rent. However, it would also be legally correct that the rental income be split 50-50, no matter who collects it.
Do lease agreements exist for the rent? If so, who signed them--you or the other owner or both of you? If there are no lease agreements, why not.?
If you are both owners and the other party will not split the rent, you will probably have to go to court to resolve the issue.
If you or the other party is a true cosigner and not on the deed as an owner, you probably have no right to the rent.

gmakerley · Posted: Tue Oct 20, 2009 11:08 am Post subject:

and i see a court date in your future - seems like the most logical way to resolve this issue. not necessarily the best way, but there's obviously some disagreement in place now.

miguel5922 · Joined: 18 Oct 2009 Posts: 2 1.58 Dollars($)

Both of our names are on the trust deed. Now I understand that this property belongs to both of us. It just does not seem fair that she's collecting the money from the two units and is not making the mortgage payment. I have already hire a lawyer so now I have to pay the lawyers fee plus the mortgage. If I keep paying the mortgage until we settle this in court will the judge say that i'm the owner of the property or just force us to sale the property and split the money. Does any one know of any quick solutions to my situtaion? Thanks in advance.

gmakerley · Posted: Sat Oct 31, 2009 4:34 pm Post subject:

nobody can predict what a judge will say.

quick solution? it seems not, honestly. and i don't see paying the attorney as such a bad thing - if it saves you in the long run, then it's worth the expense.

as for fairness, you are 100% right - it's not fair that she collects the rents and pockets the money. but that's why you'll undoubtedly end up in court - perhaps the judge will award you compensation - you never know.

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