shortly before my husband and I met, he purchased a condo with his mother as a cosignor. (he didn't have bad credit, just not enough - he was 23 at the time) Now 3 years later we want to sell, but his mother thinks we should stay where we are. Do we legally need her involvement to sell the condo? We've only been married 4 months, and I am not on the mortgage.
2007-10-15 07:27:58 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I believe she's a cosignor on the mortgage loan, but my husband is the only person on the deed. She has the actual papers in her possesion though, when he bought the condo she handled the majority of the paperwork. :( crazy woman!!
2007-10-15 07:46:53 · update #1
I would think if she was a co-signer then you are going to need her involvement for the sale.
2007-10-15 07:31:38 · answer #1 · answered by Pat 5 · 0⤊ 0⤋
Is she on the title itself?
If her name is only on the mortgage, your husband can pretty much do what he wants as long as the mortgage is repaid.
If her name was on the title of the condo itself, then she has to sign off on any transaction involving the condo. And in all technicality, is a partial owner and would be entitled to a portion of any proceeds after the mortgage is paid off.
2007-10-15 07:31:53 · answer #2 · answered by Gerdie 2 · 0⤊ 0⤋
Is she listed on the deed; how is the title written?
I.e., is she a part owner of the condo or just a co-signer on the loan? Two separate things.
2007-10-15 07:33:59 · answer #3 · answered by Baccheus 7 · 0⤊ 0⤋
You sure do! There's no such thing as a "cosignor" on a mortgage, just a co-buyer or co-ower. It's a virtual certainty that she is on the deed as co-owner. As such, she MUST sign off on the sale. She also has legal claim to half of the equity if she wants to play hardball, so be careful!
2007-10-15 07:32:54 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 0⤋
examine your hire heavily. it relatively is a written settlement and passes from one proprietor to the subsequent proprietor, and is enforceable. hire commonly keeps after any sale. If the hot proprietors prefer you out, they could desire to attend or to purchase you out of the hire. foreclosure kills a hire, yet everyday revenues do no longer extinguish hire. be certain to grant the required 30 day word at expiration. If new proprietor needs in, they could desire to be prepare to pay some or all your relocation costs.
2016-11-08 09:55:22 · answer #5 · answered by dhrampla 4 · 0⤊ 0⤋
If her name is on the mortgage, you will need her signature to sell.
2007-10-15 07:57:46 · answer #6 · answered by Hatlady 3 · 0⤊ 0⤋
NO, she is not on the title she merely guarantees the payment of the loan and as long as the loan gets paid she need not be involved.
2007-10-15 07:33:10 · answer #7 · answered by newmexicorealestateforms 6 · 0⤊ 4⤋