Posted by alxz on May 18, 2005 at 09:14:02:
Yes, I’m on both.
Need a way out - Posted by Alxz
Posted by Alxz on May 17, 2005 at 13:31:42:
I am the co-signer on a mortgage w/ a relative. The relative is almost always late w/ payments. At one point, she was close to foreclosure. I don’t live in the property and never have. Someone mentioned a quit claim deed if that would help to salvage my credit, as they are unable to refi by alone.I even thought about bankruptcy, if that would help, my credit is already ruined and will continue to be unless I can talk the relative into selling, which doesn’t seem possible…I just can’t seem to find an alternative. Is bankruptcy or a quit claim deed the answer?
Re: Need a way out - Posted by River City
Posted by River City on May 23, 2005 at 09:56:59:
You do NOT want to do a quit claim. If you do this you will be giving up all rights to this property and still be responsible on the Note. I believe I would sit her down and have a good talk with her and explain what she is doing to your credit. Tell her you want (INSIST) to sell the home to get out from under the loan. She obviously cannot qualify for a refinance in her name alone if she was close to foreclosure. If she will not agree to sell the home, tell her you are going to rent out your half to the meanest, baddest looking Hell’s Angel you can find. And then start bringing these guys into the house to look it over for rental.
Good luck.
Re: Need a way out - Posted by DJ
Posted by DJ on May 20, 2005 at 13:59:49:
Ask your relative to refinance the property and get a new mortgage in her name and take you off the Deed. Deed transfer/refinance. Or get her to buy you out/Refinance you off the mortgage. Get a mortgage person to explain to you/her how it is done.
Or get an attorney.
DJ
Re: Need a way out - Posted by John
Posted by John on May 17, 2005 at 17:27:13:
Are You on the Mortgage note and Deed?
Re: Need a way out - Posted by Alxz
Posted by Alxz on May 31, 2005 at 12:12:24:
Thanks for the advice:)I appreciate it.