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Co-signer's rights

I bought a house but I didn't have enough income, so I have a co-signer to co-sign for me. I am the owner of that house.His name is right next to me on the mortgage. But now the co-signer wants to sell the house when I have never missed any payments. Is it legal for the co-signer to do that? What rights does the co-signer has on my house? If the co-signer want to sell the house, can I sue him for seize possession of a property?

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November 18 2012 - Bustleton
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Profile picture for SoCal_Engr

Can't help but to pile on...

What were the original agreements (written or otherwise) when the other person agreed to co-sign for the loan? How long has it been since the house was purchased, and have you been able to make any progress towards taking over the loan on your own?

Since the loan on "your" house is impacting your co-signer's credit, what are their rights and what is their motivation for wanting to sell? Are they wanting to move forward with their own lives, but need to get out from under this mortgage to do so?

On a "really?" note, I second Wetdawgs' amazement that you're considering suing a person who put their financial neck on the line for your benefit. I'll take it one step further, as it is very likely that this person is also related to you - so you're willing to consider suing family who helped you out?

On a more practical note, bringing in an attorney is going to be a lose-lose-lose proposition. No matter who prevails legally, you will both lose. On top of that, everyone will incur legal expenses - only the attorney will "benefit".

Find a way to settle this. The person who co-signed stuck their neck out for you, it's time to reciprocate.

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November 18 2012
Profile picture for wetdawgs
 Is the co-signer on the title or just on the mortgage documents?

Ask yourself first, why would a co-signer want their name off the  ("your") mortgage? There are many reasons, one being that "your" mortgage appears on their debts in their credit report so if the individual wants get a loan, they may be disqualified because of "your" mortgage as lenders consider them responsible.

The co-signer can ask you to remove their name from the mortgage and if you don't do so (either can't or won't), they can force the issue.   So, your choices would be to refinance in your own name  (and yes, you'd have to qualify with your own income) or sell the house so that they no longer are on the mortgage.   Do it, let them live their financial life free of the mill stone of co-signing.

You've put a noose around their finances and now want to sue?
I am stunned - flabbergasted - shocked  that you are suggesting suing someone who did you an incredible favor so that you could qualify to purchase the house.   Frankly, your suggestion of suing blows my mind as beyond incredibly selfish.   You've made it clear why I tell all my friends to never never never co-sign.   (I've taken a screen shot of your post to show them, just in case they think I'm nuts.)  
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November 18 2012
 
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