What legal right does a c0signer to a house have after the borrower has been late for the past year
Carmelitamy husband co-signed for a house and they have been late on the payment for the past year. The house now is going on foreclosure. What legal rights does he have to get them out of the house or get them to sell the house. They can not refinance because they are not currant and have been late to many times. My husband no long talks to the couple so what do we do know?We can not buy a house until that issue is resolve. The bank is not willing to work with us until we pay the amount due. But we are not willing to pay until we can get them out of the house. My credit has gone bad because of it.PLEASE HELP!!!
DeenaThey could sign the house over to him and he makes up all the back payments. Anything else ruins his credit more than the couple already has. /
BryantBy co-signing you made yourself liable for the mortgage. However, you have no right to the property. Therefore, you cannot get them out of the house and you cannot make them sell the house. You can pay, that's all.This is why it's always a bad idea to co-sign.
ClarineTry offering the couple to bring the payments up to date IF and ONLY IF they sign a "quit claim" and in effect, hand the house and mortgage over to your husband. Ask the bank if you can do this ...