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Can a cosigner and deed owner do a short sale?

I am a co cosigner in a loan. We bought the house in 2005. In 2010, we change the deed under my name, because I tried to make a loan modification, but my ex partner did not send the documents on time. We split on 2011, I moved from the house -he said he will make the changes- but he hasn't and haven't make any mortgage payments since then. According to public records, the house is not yet on foreclosure, or sale. He still lives at the house, waiting for the bank to kick him from there. Can I, as co signer and deed owner, make a short sale of the property?
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  • September 08 2013 - Chicago
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Answers (10)

Profile picture for wetdawgs
Is your name the only name on the deed?   If so, you can sell.  If you both have your names on the deed, signatures from both are required to sell.  

  • September 08 2013
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Profile picture for user45049405
Yes, my name is the only name in the deed. Thanks.
  • September 08 2013
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Profile picture for user45049405
One more question: How can I kick the person who is living in the property? should I make an eviction order?
  • September 08 2013
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Profile picture for Matt Laricy
I would simply say to speak to an attorney ASAP.
  • September 08 2013
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Unless you have his written consent to act solely on your own insofar as then property is concerned,then the answer would be no, as both signatures are required on any documents. The exception would be if a divorce decree stated that one of the parties would be fully responsible for the mortgage debt. A lawyer will be able to clarify this for you, as well as advise you on what you can/cannot do.
  • September 08 2013
  • 2Yes

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This is a legal issue and attorneys do not comment on this site. My web site has some attorney references. Give them a call.
  • September 09 2013
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If you need a name for a local real estate attorney, you can contact me via my profile.
  • September 09 2013
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I would advise that you consult a real estate attorney regarding this matter.

  • September 09 2013
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Profile picture for larryeul
What a Great Question...(sorry this is happening to you!!)...
  First, you need legal advice..

1. If you are the only one on the deed, yes, as detailed in other answers, you can probably sell the home..however, need more info on what 'ex-partner' means... if marriage, or your State Laws apply to your personal situation, you need to check/seek legal advice.

2. Short sale. Without cooperation of all that signed the mortgage, you wont get a short sale...Think of the short sale as opposite of obtaining the mortgage, you need to 'qualify' for the short sale, usually including submitting bank records, employment info, etc. Without ex-partner help, short sale probably wont work for you, like the last time you tried- call your lender, only they can answer this question.

3. Talk to legal advisor, maybe a deed-in-lieu to the lender will work for you, check out your options on this. The continued occupancy of former owner/ex-partner may be an issue for lender on this option.

4. You make reference to 'public records' regarding possible/pending foreclosure.... You are the owner. You are on the mortgage. Paperwork should be sent to you, at your current address and you should know the exact status of the mortgage.

5. Just wondering.... you have insurance on the home? What if occupant gets hurt. What if a guest gets hurt. What if there are no, for example, no smoke detectors, or some other required item in the home... you are the owner.

  Best to you.
  • September 09 2013
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Yes if the NOTE and the Trust Deed are in your name. Anyone on the actual NOTE has authority. I have had Short Sales where one is on NOTE and not TD or vice versa and they do not fly if one is not on the NOTE 
  • September 22 2013
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