How do I go about getting a co-signers name off of a loan if

Author Message
Icon Mini Profile kmhampton80





Joined: 05 Jun 2008

Posts: 2

1.76 Dollars($)
Post Posted: Tue Jun 10, 2008 1:00 pm    Post subject: How do I go about getting a co-signers name off of a loan if
Like
Dislike

How do I go about getting a co-signers name off of a loan if they refuse to sign a quit claim deed? I have a home loan and home in my significant others name and mine and he refuses to sign a quit claim deed. He has not paid on a mortgage payment since we have been in the home over a year. I would like to have the title and loan in my name only but would like to know how to go about doing this legally?
Icon Mini Profile laphillips
laphillips
Community Expert
Community Expert

best lender badge

Joined: 10 May 2008

Posts: 134
Location: Yucaipa, CA
33.91 Dollars($)
Post Posted: Tue Jun 10, 2008 4:11 pm    Post subject: How do I go about getting a co-signers name off of a loan if
Like
Dislike

Signing a quit claim deed only would remove his name from the title not the loan. If you want his named removed from the loan you will want to refinance the mortgage in your name only or sell the house and pay off the loan.
_________________
Lynnette Phillips
Loan Officer/Realtor,
Foreclosure Consultant
Home Pride Mortgage
My Blog: http://activerain.com/helpingufindaway


**This is not intended as legal advice. I am not an attorney.**
Icon Mini Profile smckaybiz
s.mckaybiz
Community Expert
Community Expert



Joined: 24 Apr 2008

Posts: 195
Location: PA
10.64 Dollars($)
Post Posted: Tue Jun 10, 2008 5:04 pm    Post subject:
Like
Dislike

I'm sorry but I have to ask: are you two still living together and if he's not making any payments but wants to benefit from the house I don't know if he's the right person for you. A very sticky situation...
_________________
Scott McKay
FreeOnlineCreditGuide.com
Icon Mini Profile helping_user
helping_user




Joined: 31 Mar 2006

Posts: 806
Location: Hawaii
159.20 Dollars($)
Post Posted: Wed Jun 11, 2008 1:00 am    Post subject: RE: remove cosigner from loan
Like
Dislike

Hi Kmhampton,

First of all, if the other person is a cosigner then he need not make regular payments but only if you default on the loan. Whereas, if he's a co-borrower, then it is his responsibility to make part of the payments. So, you need to check out the loan contract and find out if he is the cosinger or co-borrower.

To get the title and loan in your name, I think you'll have to refinance. This is what your lender may prefer if you wish to remove a cosigner or co-borrower, more so if the other person is a co-borrower.

Thanks.
Icon Mini Profile wealthbuilder2





Joined: 01 Mar 2008

Posts: 4
Location: Southampton, NY
2.61 Dollars($)
Post Posted: Wed Jun 11, 2008 7:24 am    Post subject: Here is a way to keep from ending up in this situation...
Like
Dislike

Two or more people sharing the ownership of property is going to come back into vogue in the very near future. It is one of the very few ways of handling the increased mortgage payments on a home that you cannot sell for instance.

It is a way of buying a home if you cannot meet the new (old) requirements of 20% down and possess decent credit.

Also, with the prices of today's homes, sharing a home can be the only option lower and middle class would be home owners have, especially if they are trying to get cash flow from an investment property.

The only way to do this safely is to put the house into a Land Trust. This transfers the property's legal and equitable title to a third party trustee, sort of like putting the property into an escrow.

The partners each get a percentage of the Beneficial Interest (the shares) of the trust. This entitles them to all of the benefits of owning the real estate, including mortgage interest write off, property tax write off and depreciation, for the person not occupying the property.

Their Beneficial Interests are subject to a Beneficiary's Agreement that they must enter into.

This agreement specifies with great detail the parameters each owner must adhere to, such as making required payments on time, keeping up their maintenance and repair responsibilities etc.

The fact that the title to the property is held by the trustee also means that any personal or financial liabilities the partners incur after the property is purchased cannot affect the title to the property, or force its sale. This would include IRS liens, divorces, judgments, etc. These potential liabilities are major factors in making joint ownership of real estate a bad idea in most cases, absent the land trust.

If one of the owners does not or cannot keep up with their agreed upon responsibilities, the trustee issues a "cure or quit" notice to the offending party. They then have 30 days to cure the problem or their beneficial interest will be revoked and/or they can be evicted with 30 days notice, not withstanding any past investment on their part. This avoids the problems of joint owner ship dissolution as evidenced in some of these posts.

This is only a very small part of the advantages land trusts can play in eliminating the ownership and management hassles of rental properties.

If you would like to get more information on this amazing vehicle, email me and I will send you copies of some articles that might help.

Bill

_________________
Do you work from your home And have a full time job? You could be eligible to receive from $400-$1,000 per month Extra in Your Pay Check on your Job, every month from the Government! Check out this free Special Report for details: http://www.linkbrander.com/go/64500
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12377
Location: bloomfield, ct
58.69 Dollars($)
Post Posted: Sat Jun 14, 2008 5:09 am    Post subject:
Like
Dislike

great pontificating there, bill; but this doesn't approach the poster's issues in the least.

our poster is trying to obtain title in her name only. it seems her partner is not as forthcoming with payments on the mortgage loan as she would like.

helping user - i disagree with your assessment, in part. regardless of the status of the second party, there is no obligation to "share" the payments, such as 50-50. who makes the payments and how the other party contributes to those payments is strictly up to the couple. there is no legal document that requires each partner to pay 50% of the debt. a lender could care less where the money comes from, as long as the money comes in and the payments get made.

as for the situation at hand...kmhampton, you're going to have to negotiate some sort of arrangement with your significant other. it seems that he's becoming a little less significant in the overall scheme of things, but that's what you're going to have to do in order to work out this problem. if you can't figure out what his contribution ought to be, at this late stage; then you'll have to have a very serious heart-to-heart to get to that point.

bon chance!

_________________
George M. Akerley
Mortgage Consultant
Word of Excellence- Writing/Editing/Proofreading
Icon Mini Profile brian1
brian1
Community Expert
Community Expert

best lender badge

Joined: 14 Jun 2008

Posts: 652
Location: Nationwide Lender
49.99 Dollars($)
Post Posted: Mon Jun 16, 2008 12:03 pm    Post subject:
Like
Dislike

I agree with George. You made an agreement to get into the loan you will need to have an agreement to get out of this.
It can come from a divorce court if thats where things are headed otherwise there is no way to force someone to agree to this. Even though they are not required to pay 50/50 they do own 50/50 (not fair I know) so if you sell 1/2 the profit goes to them etc....

Good Luck
Brian

_________________
Licensed Mortgage Banker in all 50 states
http://www.aimwithfocus.com
Need quick advise email or PM Glad to help
Free Pre-approvals www.applyonlinesecure.com
925-550-6070
Ask question
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message Body
All times are GMT - 7 Hours
Page 1 of 1

 

Page loaded in 0.507 seconds.