My husband has a townhome that he purchased before we met that we have been using as a rental. Our renters are moving out soon and we wish to sell, or at least refinance the property,as even when we have renters we still lose money on the home every month (we can not rent it for enough to pay the mortgage and association). The problem is that when he purchased the property he had a co-signer, who now lives in Mexico. In order to notarize a quitclaim deed, he would have to go to Mexico city (five hours from his town) which he refuses to do. He has no interest in the property and is not returning to the U.S. Any suggestions?
2007-11-25 07:09:19 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You seem to know the process; just have the co-signor find someone to notarize the document. Maybe someone can go to his house & you & your husband just foot the bill for that one service so you can sell it free and clear from the co-signor's potential claims.
2007-11-25 07:17:35 · answer #1 · answered by jaksie3 2 · 0⤊ 2⤋
I think you posted this question before.
A co-signer is a CO-OWNER. You also cannot remove someone from a MORTGAGE by quit-claim. That only works with the title and the co-signer would be a fool to do that. He is legally entitled to the equity in the home, regardless if he has paid any bills or not...that was your husband's choice to cut a deal with this other guy.
The only recommendation that I have for you is to see if a judge will force the transaction. A judge may force the sale, but may also require you to forward 50% of the proceeds to the guy in Mexico.
I do know you cannot force someone to stay in a real estate transaction.
The ONLY way to resolve it is to go to court.
You CANNOT refinance on your own and remove another party off the title WITHOUT their signature....so posters that have suggested that, I can tell you now, that doesn't legally work. If that were true, then everyone who was on the mortgage with someone else could refinance and 'take' the property away from the other party....and we all know that you can't do that.
PS: Keep in mind that a MEXICAN notary is INVALID in the USA.
2007-11-25 07:38:49 · answer #2 · answered by Expert8675309 7 · 0⤊ 0⤋
You have a difficult problem if the person on the property does not ore refuse to assist in the sale or refinance of the condo.
To get this individual off the mortgage you simply have to refinance the property. He does not have to sign the loan docs as long as your husband and yourself can qualify for the new loan.
Where your problem lie is in attempting to get a a quit claim deed signed by this person to take himself of the deed of the property. You should check with a national title company and see if they have some type of subsidiary in the area where this guy is currently located in Mexico.
In some cases the United States will have a trade commission or a person that handles passports and visas into the United States. These offices normally have someone' there that can notarize documents, for births, deaths and transfer of title of property.
One of you might want to look into those areas to find a United States notary close to where this guy is located in Mexico.
What ever you do, don't get a notarized quit claim deed signed before the transaction is in escrow.
If you do decide to change title from this person to your husband and yourself, make sure that a title company is involved,other wise you are wasting your time.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-11-25 07:38:18 · answer #3 · answered by loanmasterone 7 · 0⤊ 1⤋
Well, you have the ability to intentionally be a pain as well. Tell her that you WILL let the place go into foreclosure, which will put her credit score into the crapper. Yes, it will affect your credit as well, but stand firm, and say, "I don't care what happens to my credit score, as long as you're screwed. So, if you don't want to be screwed, then sign this paperwork." And, just to add, if you are upside down, why do you continue to make mortgage payments? Smart people stop all their mortgage payments, live in the home for free for 12+ months until the lender finally gets around to foreclosure, or re-negotiating your mortgage, then use the money saved as a down payment on another purchase. If you are still paying the mortgage on an underwater home in California, you are a fool.
2016-04-05 21:55:45 · answer #4 · answered by Anonymous · 0⤊ 0⤋
A quit claim deed relinquishes any claim to the title of the property but does not "get the cosigner off the mortgage." The mortgage is a bank note separate from the deed. Either the lender will have to agree to dropping the cosigner or you will have to refi in your name(s) only.
2007-11-25 07:23:54 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Unfortunately cirmcumstances change when you have a cosigner because they own and are responsible financially for their share of the property. The only other solution is that you sell your share of the property to him or he sells his share of the property to you or a quitclaim deed is signed by all parties involved.
2007-11-25 07:22:15 · answer #6 · answered by Gabfest 5 · 0⤊ 1⤋
EITHER WAY YOU'RE GOING TO NEED HIM TO SIGN OFF THE QUIT CLAIM DEED. WHEN YOU SELL HE HAS TO SIGN AND WHEN YOU REFI HE HAS TO SIGN. IT'S THE PRICE YOU PAY FOR HAVING A CO-SIGNER
2007-11-25 07:56:09 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Never gave this much thought
2016-07-30 07:42:09 · answer #8 · answered by ? 3 · 0⤊ 0⤋
thx for the answers, very much appreciated
2016-08-26 08:06:13 · answer #9 · answered by annis 4 · 0⤊ 0⤋