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Enrique Herbella

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Do we have to repay our daughters Home Equity Loan to be able to sell?

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202 Newton Place

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We co-signed for mortgage for our daughter, she has home equity loan in her name only and has stopped making payments, we have been making them.  Can the bank make us repay her loan before can sell the home?
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July 05 - North Hill
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Eric Smith, "ohiosmitty"

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Is the equity loan secured by the home you want to sell? If so, the loan will need to be satisfied before it transfers into your buyers name. This is typically done by the money brought in by the sale of the home. If the sale price is less than the debt on the home, you will have to make up the difference.

If the mortgage you co-signed for is not secured by the house you want to sale...you have nothing to worry about.

Either way, you don't have to pay off the debt of a home to put it for sale...the debt can be paid off from the sale.

hope this helps
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July 11
 

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