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FHA Co-signer rights

What are my options as a FHA co-signer? My nephew walked away from is home and I am the co-signer and I have my own house I am trying to hold on to. So I can not handle his house. What issues am I going to get and how do I get through this issue

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi kalimann,

As a co signer, you are as much responsible for the loan as the primary borrower. When you signed the loan docs as co signer, you agreed to pay the loan in case the main borrower defaults. Thus, you need to pay off the loan in order to save the property. Otherwise, if it goes into foreclosure your credit will be affected.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If I walk away besides a foreclosure on my credit report what else will happen? Being a FHA loan if there is a balance of $200,000 and the person walked away from the house then the lender comes after me and I just explain that I am struggling just to keep my home there is no way I can take on the other mortgage so I walk away as well. Then the lender sells it in foreclosure for $100,000, are they then coming back at me for the difference?

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

Are you the same person as kalimann?

Actually it depends on the lender whether they will come after you for the deficient amount due to a foreclosure. I think a deed in lieu of foreclosure would be a better option for you. In DIL the lender generally forgives the deficient amount. If you discuss with them your current financial difficulty, they may agree to do a DIL. Have you contacted them yet?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my husband is buying a fha hud home without me on financing due to my credit, his mother is going to cosign does she legally have to be on the deed as well

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My Father N I Are Borrowers On The Fha Loan For My House I Put Over 50 Thousand Down OnThe House And He Put Zero- He Is Now Putting me In A SItuation Where He Wants To Take His name Off The Loan , Now I Am Ok WIth That If That Happens , But If His Name Cannot b Taken Off The Mortgage Can He Sell Half This House ?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Cheryl,

As your husband's mother will be cosigning the mortgage, the lender will want her to be on the property deed as well. Once her name is mentioned on the property deed, she would be considered as the legal owner of the property.

Hi Kiki,

You will have to refinance the mortgage in your name in order to remove your father from any kind of liability towards the mortgage.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my husband and i cosigned on a house for my daughter and son-in-law. Now they are splitting up and going thru a divorce. He is threatening to stop paying on their house and let it foreclose. Can a attorney do anything to help us?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

An attorney won't be able to help you in this matter. You can ask your daughter to refinance the mortgage in her name and pay off the dues. This will help you in saving your credit and your daughter will be able to save the property.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I are about to close on property for our son and daughter in law. It is a HUD repo property and the only way we could get the place was to put our sons name on the title without ours. Is there a way to have either my husbands name or both of our names added at the closing? We live in Georgia.

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi LillyMae,

You and your husband can add your names to the property deed at the time of the closing. However, you will have to inform the lender about the same and take his permission regarding addition of names.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

As a property owner with co-signers, if I want to get a renter in, do the co-signers have final say as to who I rent to?
also, how can I remove co-signers names?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi janice,

In order to remove all the co-signers name from the property deed, you will have to ask them to sign over the property to you. As far as the mortgage is concerned, you need to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] it solely in you name. As the co-signers are the co-owners of the property, it will be better if you take their opinion while renting the property.

Thanks

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