Posted on: 05th Apr, 2010 09:15 am
i helped my daughter and son-law purchase a home 10 years ago by applying my name as a co-mortgator (with my son-in-law as the other signer). i also reside in the home. they are currently in divorce proceedings and have left the state, leaving me with the responsibility of paying the mortgage and all other expenses (with minimum financial support from them). my son-in-law is reluctant to sign a quit claim deed as he feels he will get the house sooner or later. financial i can not afford to maintain the home by myself and it is falling into disrepair due to this. i fear i am heading towards foreclosure or possibly filing bankruptcy. do i have any legal recourse to force my son-in-law to financially help me maintain the house.
Hi Guest,
As both of you are the co-borrowers of the mortgage, then both of you are equally liable for the payments. However, as you're the cosigner for the mortgage, the lender will come after you for the payments if your son-in-law is not paying the dues on time. As far as legal recourse is concerned, I would suggest you to have a word with your lender and take his opinion. However, if you do not make the mortgage payments on time, then the lender will simply foreclose the property.
Take care.
As both of you are the co-borrowers of the mortgage, then both of you are equally liable for the payments. However, as you're the cosigner for the mortgage, the lender will come after you for the payments if your son-in-law is not paying the dues on time. As far as legal recourse is concerned, I would suggest you to have a word with your lender and take his opinion. However, if you do not make the mortgage payments on time, then the lender will simply foreclose the property.
Take care.
i disagree with your suggestion about discussing the situation with the lender, sara - if only because lenders couldn't care much less where the funds come from, as long as the payments get paid. a better bet, i believe, is to check in with a local attorney to get advice. i don't think that there's any way in which to force a party to make payments, though there are legal means to try to persuade someone. this is not a pretty picture, and it's not an easy thing to rectify either.