so we've been living at our house for 20yrs my dad recently bought the houses (duplex) 3 yrs ago he didnt qualify by himself so he used his neighbor friend as a co-signer so about 1year and a half after the purchase the other tenants out of anger that they were being evicted sued my dad so my dad spent alot of money making repairs, his house payment began slowing down and missed about 4 payments- the guy that co signed found out & was extremely mad and we dont blame him of course his credit was on the line, anyhow we made full payment of the amount due and they told him his credit would go back up eventually so 8 months have passed within these 8 months he has yelled offensive things, threatened, he put locks on our gates and said he is going to sell the houses. We no longer feel safe - he is crazy in the head, he really is.. he has personal problems his dads ex wife has been sleeping w/ him since age 14. what can we do so he stops doing this to us? Hes a co signer can he really sell??
2007-07-18 13:25:20 · 8 answers · asked by ABC 3 in Business & Finance ➔ Renting & Real Estate
Oh and now we are refinancing so he we can avoid future problems with him and getting him out of the paper work and now he refuses to sign and he insists on being a co signer. He has told our broker that he wants us to move he never wants to see us and that he wants to see my dad dead but that he will get revenge.. we have kids, my little brothers and Im scared for them to go outside and play.
2007-07-18 13:28:28 · update #1
unfortunately he probably has "joint tenancy". most cosigners do. that means he technically owns 50% of the house. You cannot sell or refinance without his consent, unless you commit fraud, which i don't recommend. Best bet is to offer him a buyout for half of the appreciated value. If he does it, you can cash out refinance for the agreed sum and have him sign off the deed. GET ANY MONETARY AGREEMENT IN WRITING. Otherwise, consult a lawyer.
2007-07-18 13:37:46 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If this guy is only a co-signer to the mortgage and not on the title or deed to the actual property, he can't do squat but yell. He has no ownership interest. He merely guaranteed that he would make the payments if your dad did not.
If this is the case, hire an attorney to write him a stern letter demanding that he cease his behaviors. If he persists, get the police involved.
If he is on the deed and is a part owner of the property, your dad made a HUGE mistake for which he will pay dearly. In this case, also seek legal counsel as to how to force him to sell out his ownership to your dad.
2007-07-18 21:06:49 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
First Document everything and create a paper trail from the moment you wanted the place to today. Get as much documentation showing that you were the true owner and all details including who paid the utilities.
Also, document all his behavior and or threats to the minute in a journal. Get a good case and then hire an attorney to get a restraining order and have the attorney check the recent activity and the title status.
The more prepared you are the better you can deal with the Neighbor. Lawyers are expensive but this is time to get one.
2007-07-18 20:38:38 · answer #3 · answered by David K 2 · 1⤊ 0⤋
He**...he is just a co-signer. refinance and get him out of the loop. If you have to take legal action then do it. Don't play games. He wants to have some power over you guys and you do not need to tolerate it.
2007-07-18 20:35:25 · answer #4 · answered by thinkbig 3 · 1⤊ 0⤋
If he threatens you physically ,you must go to the courts for an interdict,protect yourself.No,as a co-signer he must get permission from the other party.Get good legal counsel an cut the S.O.B loose from your life.There must be a way around legally to scrap him from the contract.He is a toxic person.
2007-07-18 20:41:12 · answer #5 · answered by supermario 2 · 0⤊ 0⤋
You need a lawyer my friend ! He does have a financial interest in the property but has no right to badger you guys in anyway. Refinance and get him out of the loop if possible.
2007-07-18 20:45:14 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You need to refinance asap and if he is threatening you and your family thn you need to call the authorities and document it every time that he does or says something. Also you want to contact a real estate lawyer to check with what you can do to get him out of the paperwork legally. So if this guy is crazy please call the cops asap and get a restraining order you never know these days.
2007-07-18 20:42:39 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Get yourself a lawyer and let him handle it in a professional manner and take you out of the equation. Check with the Realtor you are using for a lawyer referral as they usually have a lot of experience with sleazy clients and situations.
2007-07-18 20:37:44 · answer #8 · answered by Anonymous · 1⤊ 0⤋