Posted by John on September 08, 2005 at 05:40:34:
You are on the hook for the payments plus late fees. You don’t own the property, and can not force the sale. The lender can foreclose. You have have to try to protect your credit rating and gaurd against a deficency judgement. This is the reason you should never ever co-sign but thousands of us have made the same mistake.
Co signer question - Posted by Michael Mayer
Posted by Michael Mayer on September 07, 2005 at 22:24:34:
Dear Sir
I have co-signed for a loan for my daughter in law . She has fallen behind on her payments,fortunatly the private lender is very lienient and is only asking for me (the co sighner) to not miss anymore payments ( 6 months worth haven’t been paid ) Since I don’t want to keep paying the mortgage I want to sell the property. What is my legal standing on wanting to sell the property since the primary party on the note cannot make payments .I will assume that the primary will not want to sell since I am on the hook for the mortgage.
Re: Co signer question - Posted by JohnBoy
Posted by JohnBoy on September 08, 2005 at 23:52:23:
Since you cosigned on the note, are you also on the deed as a owner along with your daughter-in-law, or is the deed in her name only and you only a cosigner on the note?
You say this is a private lender. Did he sell out right carrying a mortgage or was this a contract for deed?
Re: Co signer question - Posted by John Merchant
Posted by John Merchant on September 08, 2005 at 18:32:44:
Mike while you are on the the note and have to make the payments to protect your own credit, see if you can’t get the deed from the DIL so YOU can control the RE from now on.