share for the co-signer

I am not too sure but I think that the co-signer should get share for the sale profit for his/her contribution.

Hi Clement,

Welcome to MortgageFit Forums.

Before making any comment I would like to know if you are co-signer on the Mortgage Note or on the title to the property.

God bless you.

For MortgageFit,
Samantha

I am co-signer on the Mortgage Note?

Hi Clement,

A co-signer is obligated to repay the loan in case of a default on the part of the borrower. As a co-signer on the Note you do not take title to the property but only add strength to the loan.

So, you are not entitled to get any share from the sale of the property.

Blue

Hi Clement,

Blue is correct. As a co-signer on the Mortgage Note you provide support to the loan by assuming responsibility to repay if the original borrower defaults. You can't claim title ownership to the property title and hence will not be entitled to get any share from the profit the property sale.

In case both of you were on the title, then you could get share of the proceedings from the sale based on your share to the title.

Feel free to ask if you have any more queries or doubts.

God bless you.

For MortgageFit,
Samantha

i have co-signed on a loan and am also on the deed. am i entitled to half the proceeds of any sale even if i have not been making the payments? i am not planning on doing this but i am trying to force my old partner to refinance, so i can get the liability off of my credit. thanks, brian

Hi Brian GHill!

As your name is on the deed, you have ownership rights to the property. Due to this ownership right, you will be entitled to a certain portion of the proceeds of the sale of the house.

Thanks