Posted on: 24th Feb, 2007 09:46 am
I co Signed on my cousins house and now the property has just went into forcloser what can i do to get off the deed?
Welcome Anspaugh.
Being a cosigner, you are liable to pay off the debt when your cousin is unable to make payments. But I guess you are not able to fulfill the obligation as a result of which the lender has called for a foreclosure. Anyway, if you are a cosigner and at the same time you name is also on the title, then you can take it off by signing over a quitclaim deed.
Approach an attorney or a title company and let them prepare the deed for you. You need to sign the deed and convey all your interest in property to your cousin.
As the lender has already decided to foreclose, he may not be bothered if you take your name off the title. Otherwise, he may have demanded the payments from you.
Thanks.
Being a cosigner, you are liable to pay off the debt when your cousin is unable to make payments. But I guess you are not able to fulfill the obligation as a result of which the lender has called for a foreclosure. Anyway, if you are a cosigner and at the same time you name is also on the title, then you can take it off by signing over a quitclaim deed.
Approach an attorney or a title company and let them prepare the deed for you. You need to sign the deed and convey all your interest in property to your cousin.
As the lender has already decided to foreclose, he may not be bothered if you take your name off the title. Otherwise, he may have demanded the payments from you.
Thanks.
"I co Signed on my cousins house and now the property has just went into forcloser what can i do to get off the deed?"
Anspaugh let me tell you one thing; even if your name is removed from the title of the property as you are a co-signer, foreclosure will negatively affect your credit score.
Anspaugh let me tell you one thing; even if your name is removed from the title of the property as you are a co-signer, foreclosure will negatively affect your credit score.