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

How do I go about getting a co-signers name off of a loan if they refuse to sign a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url]? 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?

laphillips's picture
laphillips | Joined: May 10, 2008 08:33 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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 [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the mortgage in your name only or sell the house and pay off the loan.

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s.mckaybiz's picture
s.mckaybiz | Joined: April 24, 2008 08:05 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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...

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helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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wealthbuilder2's picture
wealthbuilder2 | Joined: March 1, 2008 12:44 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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!

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wealthbuilder2's picture
wealthbuilder2 | Joined: March 1, 2008 12:44 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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wealthbuilder2's picture
wealthbuilder2 | Joined: March 1, 2008 12:44 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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wealthbuilder2's picture
wealthbuilder2 | Joined: March 1, 2008 12:44 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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brian1's picture
brian1 | Joined: June 14, 2008 05:14 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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