Posted on: 07th Apr, 2009 02:53 pm
My parents have gone guarantor for my brother on a rental property. He has now bought another house to which he will live in. This second house was bought without the knowledge of my parents. We don't know he has sold the rental property to purchase this property or weather he has kept both properties. My parents really want their deeds back - what can they do?
Hi krposa,
If your parents have signed as guarantors for your brother for a loan obligation, they will have to pay off the debt should he defaults on the loan. With an unpaid mortgage, I don't think he can sell the property. If he has kept both the properties, would he be able to make payments on both? If he cannot, your parents would be held liable for the mortgage as they are the guarantors. Getting the deed back at this point in time does not seem to be possible.
If your parents have signed as guarantors for your brother for a loan obligation, they will have to pay off the debt should he defaults on the loan. With an unpaid mortgage, I don't think he can sell the property. If he has kept both the properties, would he be able to make payments on both? If he cannot, your parents would be held liable for the mortgage as they are the guarantors. Getting the deed back at this point in time does not seem to be possible.
Hi ,
If your parents co-signer to take mortgage for you brother so they are responsible to pay loan. If he have both properties he can sell one to pay out the mortgage loan.
I hope you will satisfied by my answer.
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Thanks.
If your parents co-signer to take mortgage for you brother so they are responsible to pay loan. If he have both properties he can sell one to pay out the mortgage loan.
I hope you will satisfied by my answer.
-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*
Thanks.
