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Answers (5)
- wayne lancaster, "funds2"
- Contributions:1177
You are in a unique situation. You own 50% of the property ( I assume title is in joint names) but you are 100% liable for the payment. Best option would be to have other owner deed over their interest in the property and you refinance it into your name. If you don't want the responsibility of the property either sell it or continue to live there but other owner should not be allowed a free ride. You probably will need to seek legal assistance to get other owners attention.
- wetdawgs
- Contributions:26841
Is your name on the deed, or the mortgage only? If the latter, you are SOL. Of course, your credit will still be dinged if the "primary signer" decides to continue to forget to make payments.
- Mike Bjork, "MortgagePlannerMike"
- Contributions:346
It's a good question; but as pointed out, this is really a question for a Lawyer. Every state is different with their Real Estate Laws and we're not able to provide Legal Advice. But in my opinion, you may have something here and definitely worth looking into.
- Nathan Colmer, "NathanColmer"
- Contributions:257
This question is best answered by an attorney but in my opinion, if your name is only on the mortgage and not on the deed to the property, then no, the house is not yours. You could probally file some sort of claim on the house if the other party has stopped making payments, but that is a guess at best. Maybe someone else here can give a more solid answer.....
- Brian Slodki, "SupremeLending"
- Contributions:73
I think you are better off calling a lawyer on this one. I am not a lawyer and do not offer legal advice but MY OPINION is that as long as the primary signer is still on the title, he or she would still have legal right to the property regardless of who has been making the payments. Are you still in contact with the primary borrower? would he or she be willing to deed off of the title to the property?
Rights as cosigner
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