Co-Signer?

Question

..What does it mean when a house is in a co-signer's name instead of the seller of the house? We are the buyers....does the seller still get money or not? Also why did they do an appaisal on it? and does this mean seller has to move? (The seller is talking about suing the loan officer,why?) Please answer all questions...:)
Thanks.
N.

Additional Details

17 hours ago
The seller inherited the house from her parents when they passed away.U need a co-signer for that? Also she owes the bank a bunch of money,they say they gave her money to fix the house up but she never did. She is bankrupt & is trying to refinance. Can she do that?
Up till now I guess the house was in her name..suddenly,now,it's only in the bank's name. Does that mean it's a foreclosure or they did that on purpose so we can close on the house already/ what happens to her..does she still get the money or no,and does she have to move out now?
Please revise your answers.....;)
Thanks,
N.

And they keep delaying the closing (what's the longest a closing has ever been delayed? We were supposed to close on May 31st.) They said they're waiting for some guy to say yes on Monday,what do they mean? "everything's ready,' i've been hearing for 7 weeks IN A ROW. Should we just FOREGET IT already?:(

O and how do I know if it's in foreclosure? i THINK they might be moving....

O and how do I know if it's in foreclosure? i THINK they might be moving....

Answer 1

This situation sounds familiar to me. I am willing to be that the seller made a last ditch effort to avoid foreclosure by giving the deed to the lender, aka "deed in lieu" after trying to refinance the property and failing. A deed in lieu can't be done without the approval of a specific person in government, which I can't remember his title, but it is simply a matter of being sign off on. The seller does not stand to receive any money from the sale.

The house was likely originally purchased with a cosigner and had a deed of survivorship. Once the cosigner passed away, there was no need to re-record the deed with only the sellers name on title.

The seller sounds like a pretty desperate person in serious financial trouble. The sellers threat to sue the mortgage broker is likely out of frustration. As to when she must vacate the property that is up to the bank to evict her. Obviously this must be done prior to closing because you aren't going to close knowing you will have to deal with a squatter. I suggest you give the bank (who is now the seller) the heads up on this issue as to avoid another delay.
This contract has had to expire by now giving you the option to walk away from this whole situation if you choose.

Answer 2

If the house is in the name of the bank they have exercised their right to foreclose on the property to get back any money loaned on the property and not paid back.

She can file bankruptcy to try and forestall any foreclosure procedure, but if the bank has completed the foreclosure she is probably out of luck.

Once your transaction is closed the lender will be required to remove her from the house. You should have that as a contingency of your contract to make sure she is out of the house prior to closing.

if the foreclosure has been successful she gets no money what so ever from this sale and can not refinance the property.

The only time a person would have something close to what you describe as a co-signer is a co-buyer,someone that brings something to the table that the person buying the house does not have, either credit or money for the down.

Most co-owners are spouses.

An appraiser is done on all property that you get a money to purchase the property or when you decide to refinance the property. The lender has to have a way of knowing the value of the property they are financing. Most lenders will only lend a certain percentage of the total value of the property.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

Fisherwoman is solid on the money in this one. this happens all the time. in case you insisted on being on perfect, (prevalent customer), the two you funds could have been lots greater or you won't have been authorized in any respect. The broking needs the deal over the shrink and particularly some suprises take place as quickly as the clientele are interior the container, (the finance workplace). verify that your coverage is so as with the workplace work. easily the automobile is his and you are the co-sgner. in simple terms be sure you're interior the co signer container on the papers on the financial business enterprise. sometimes duplicate papers are signed and if the co signer is susceptible(ish) the financial business enterprise by no ability sees paper with the co signer.

Answer 4

There is no such thing as a co-signer on a mtg loan. You can have co-owners. If the home was inherited the person who the house was left to would be the current owner and the only person that can sell it. They appraised the prop to make sure it was worth what you are willing to pay. The lender is not going to lend more money than the house is worth.

Answer 5

if the someone's co-signs for someone else, the co-signer's name is there beause he is backing the loan.
the appraisal is do so the bank knows the home is worth was your borrowing to pay for it for examle if the house is worth 100,000 they are not gonna let you borrow 200,000 for it.now if the property is in the banks name only that means that property is the banks property.now if the bank is a forclosure the lady wont get anything.