Posted on: 06th Jul, 2007 03:19 am
I am a cosigner on my mom's mortgage who's made my life horrible for the past few years since I got married and had a son. She demands now that I sign the loan and allow her to sell the house in return of absolutely nothing. But is there anything that she can do to make me sign the loan papers? She has already threatened me that possibly she will file a lawsuit.
Hi Cammie,
First you need to tell me in whose name is the house? If it is in both of yours name, then you have absolute equal right to the property. And how can she forcefully make you sign on the loan papers?
First you need to tell me in whose name is the house? If it is in both of yours name, then you have absolute equal right to the property. And how can she forcefully make you sign on the loan papers?
Hello Cammie,
A cosigner is required to sign a loan only when the lenders feel that the person who is taking the loan would not be able to repay the loan due to a low credit score. Primarily, you have to to check who is entitled the title of the property. Legally, she cannot sell the house without informing the lenders. Hence, you should consider whether your mother has the honest intention to repay and feels responsible for the loan. As you are a cosigner, the lender may sue you for selling the house without his / her permission.
I suggest that you contact the lender, so that s/he could take the necessary steps to stop the sale of the home.
A cosigner is required to sign a loan only when the lenders feel that the person who is taking the loan would not be able to repay the loan due to a low credit score. Primarily, you have to to check who is entitled the title of the property. Legally, she cannot sell the house without informing the lenders. Hence, you should consider whether your mother has the honest intention to repay and feels responsible for the loan. As you are a cosigner, the lender may sue you for selling the house without his / her permission.
I suggest that you contact the lender, so that s/he could take the necessary steps to stop the sale of the home.
Hi Cammie,
When you are the co-signer along with your mother, the mortgage note also require your signature on it as you are responsible to pay off the loan in case your mother fails to do so. So, your mother cannot forcibly make you sign on the loan without your consent.
When you are the co-signer along with your mother, the mortgage note also require your signature on it as you are responsible to pay off the loan in case your mother fails to do so. So, your mother cannot forcibly make you sign on the loan without your consent.