Posted on: 14th Oct, 2007 08:33 pm
my gram, owns her own home out right , but she tried to help my cousin and co-sign on her mortgage, now they are seriously behind on their payments, and they are going to be foreclosed on, gram is moving in with me when she is done with her cancer treatmen, my question is if she quit claims to me can the other creditors foreclosing on my cousins house get her home or the money from selling it since she isnt putting it into a home stead but into my house which she will live in
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Hi,
If your grandmother is quit claiming her property to you, you become the owner and your grandmother will lose all her interest on that. And if the other property is getting foreclosed, it will in no way affect this one.
If your grandmother is quit claiming her property to you, you become the owner and your grandmother will lose all her interest on that. And if the other property is getting foreclosed, it will in no way affect this one.
Hi Sara,
Welcome to our forums.
It is disheartening to hear about your mom's illness.
There's no problem if your mom has quitclaimed her house to you. But since your mother has signed on the loan document as the co-signer, therefore, if your cousin is not able to pay off the loan, it's your mom's responsiblity to repay it. And, just because she couldn't do that, the house is going to be foreclosed. So, I suppose the foreclosure is going to affect your mom's credit score to some extent. And, the lender might seek a judgment in court if he is unable to get the sale proceeds to cover the entire loan balance. In this case, it might happen that your mom may be asked to pay since she had been the cosigner.
Good luck and if you have further queries, please let me know.
Welcome to our forums.
It is disheartening to hear about your mom's illness.
There's no problem if your mom has quitclaimed her house to you. But since your mother has signed on the loan document as the co-signer, therefore, if your cousin is not able to pay off the loan, it's your mom's responsiblity to repay it. And, just because she couldn't do that, the house is going to be foreclosed. So, I suppose the foreclosure is going to affect your mom's credit score to some extent. And, the lender might seek a judgment in court if he is unable to get the sale proceeds to cover the entire loan balance. In this case, it might happen that your mom may be asked to pay since she had been the cosigner.
Good luck and if you have further queries, please let me know.