Posted on: 09th Jan, 2009 05:23 pm
my relative is the primary borrower, with my husband and me as co-signers. All of us are on title as Joint Tenants and all are on the trust deed for the mortgage. She cannot continue to make her payments and we are having to pick up the tab. I want to treat it as a rental and just rent it back to her.
You should just write up a rental agreement. That is all you can do right now. In the future, you should never co-sign for ANYONE. This always happens. There is a reason why people need a co-signer...because they cannot pay on their own.
One other thought is if she is not making the payments, then you can legally get her off of the deed too. She should not share ownership. Each missed payment should reduce her equity position in the property.
One other thought is if she is not making the payments, then you can legally get her off of the deed too. She should not share ownership. Each missed payment should reduce her equity position in the property.
thanks for the input; I am wondering if a simple quitclaim deed would suffice to remove her from title? What's the likelihood that the lender would remove her from the loan if I'm making all the payments and she's not on title anymore?
well, i think the lender would ask you to go for a refinance if you'd like to remove your relative from the title and the loan. a simple quit claim deed stating the form of ownership you all are in, will be enough for transfer of property.
you'll come across sample quitclaim forms at http://www.mortgagefit.com/predeal/quitclaim-stateforms.html .
regards,
jessica
you'll come across sample quitclaim forms at http://www.mortgagefit.com/predeal/quitclaim-stateforms.html .
regards,
jessica
