Posted on: 05th Apr, 2009 10:04 pm
Hello,
My daughter was 18 when her step-mom talked her into co-signing on a house the step-mom was buying. The step-mom has a history of manipulation and control of my daughter; very disturbing. My daughter signed it just to get her off her back as she constantly harrassed her about it until she did it, telling her how it would help her credit, etc. My daughter was undoubtedly coherced and manipulated into signing and didn't understand what she was even signing. Now though, the step-mom holds it over her head every chance she gets...has kicked her out of the house she co-signed on claiming she didn't manage the other renters right (she wasn't even named as the property manager, she was just living there as she was told she could before she signed). Now, my daughter has finally moved out of that house to get out of the harrassing, controlling life she has been under for 8 years with the step-mom, who has recently moved from Nevada to Montana. Now there's this home mortgage looming over my daughter's head and it is absolutely impossible for her to get a good credit rating for a new car, she can't buy her own place because she's "co-owner" of this house in Nevada. How can she get off this mortgage? The step-mom has no financial troubles at all, she's very well off and my daughter is financially suffering from this (she is just on the mortgage as co-owner, but makes none of the payments, but gets no interest tax-write-off either; it's just hanging out there), basically can't move ahead on her own life with this ball and chain attached to her credit. Thank you, Sharon
My daughter was 18 when her step-mom talked her into co-signing on a house the step-mom was buying. The step-mom has a history of manipulation and control of my daughter; very disturbing. My daughter signed it just to get her off her back as she constantly harrassed her about it until she did it, telling her how it would help her credit, etc. My daughter was undoubtedly coherced and manipulated into signing and didn't understand what she was even signing. Now though, the step-mom holds it over her head every chance she gets...has kicked her out of the house she co-signed on claiming she didn't manage the other renters right (she wasn't even named as the property manager, she was just living there as she was told she could before she signed). Now, my daughter has finally moved out of that house to get out of the harrassing, controlling life she has been under for 8 years with the step-mom, who has recently moved from Nevada to Montana. Now there's this home mortgage looming over my daughter's head and it is absolutely impossible for her to get a good credit rating for a new car, she can't buy her own place because she's "co-owner" of this house in Nevada. How can she get off this mortgage? The step-mom has no financial troubles at all, she's very well off and my daughter is financially suffering from this (she is just on the mortgage as co-owner, but makes none of the payments, but gets no interest tax-write-off either; it's just hanging out there), basically can't move ahead on her own life with this ball and chain attached to her credit. Thank you, Sharon
welcome sharon,
your daughter's step mother will have to refinance the loan in her name in order to remove your daughter from the mortgage liabilities. as your daughter has co-signed the mortgage, she will be held liable if the mortgage is in default. if your daughter's name is on the property, then she can file a partition law suit. the court will judge the whole situation and order the sale of the property. once the property is sold, the mortgage will be satisfied first and then the excess amount will be divided amongst both of them.
your daughter's step mother will have to refinance the loan in her name in order to remove your daughter from the mortgage liabilities. as your daughter has co-signed the mortgage, she will be held liable if the mortgage is in default. if your daughter's name is on the property, then she can file a partition law suit. the court will judge the whole situation and order the sale of the property. once the property is sold, the mortgage will be satisfied first and then the excess amount will be divided amongst both of them.
Hi Sharon, Im really sorry about this story. Adonis is correct only way to get ur daughters name off the mortgage would to be have the step mother refi the house/loan under her name only. Is the step mom still paying for the house? Or did she just walk away from it sharon? Cause your daughter will be responsible for the loan if something is to go wrong.
I appreciate both of your replies very much. Step-mom is still paying for house as she doesn't want to ruin her good credit, so at least that much is good. I think I will pursue a real estate lawyer as the one comment of "court will judge the whole situation" has sparked that idea; what a great one. Thank you again; I'm hoping a judge will see the situation for what it really is. Thank you again.