What are my legal rights in this case?
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What are my legal rights in this case?
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After my grandson was born, I cosigned a loan for my daughter and her boyfriend to buy a house for them and the baby to live in. The loan was for 52K, most of the money went to renovation, which is complete. At the time of the signing, it was agreed between family members that once the renovation was complete, they would refinance the mortgage, taking my name off of the loan. Now nothing is being done to make this happen, and it looks as though my daughter and this guy are not getting married. If I have to take over the house, I will, but I have to find out what my rights are. How do I get this information?
Additional Details
I'm not worried about being "on the hook" for the house. If I have to pay, I will. I am talking about civil lawsuit, if necessary. As it stands now, my daughter's ex-boyfriend is making the payments. He is the one who renovated the house, so for him to walk away from a nice new house where the payments are cheaper than any rent he will ever pay anywhere in that town would be stupid. But, then, I overestimated him to begin with as far as honesty and responsibility go, so who knows what will happen. Let no good deed go unpunished...
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my avatar's hot!
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As the co-signor, you have to wait for them to default on payments, and then contact the lending institution to assume full responsibility for the mortgage. Since you didn't mention it, are you on the deed as a part owner? If not, you should get an attorney to put that in motion and perhaps your daughter and he will sign over all or part ownership to you making it easier for you to do the financial transaction.
Since you said he did all the work, he will probably want an appraisal and be bought out of his portion of the new equity $$ in the home (if he's smart.)
This isn't going to be as simple as you calling the bank up and saying put it in my name, unfortunately. You need to get an attorney involved to get your options laid out and put in front of the other two to sort it out. |
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JC
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Maybe you can start off by going to the bank you took the loan out at and asking about the posssiblity of them refinancing. In these times, it may be impossible for them to do so considering the economy. With the information, go to your daughter and talk to her about what you have learned and find out what the hold up is. IDK what can be done by a legal standpoint so I would suggest you contact an attorney. |
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Vasundhara S
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If agreed between family members mutually and nothing in writing you do
not stand any legal support.filing any legal suit will pull on for longer time
and strain the relations.unnecessary u will turn gray at young age.try &
solve the problem with your mutual understanding taking persons in
confidence. Since it is your daughter you have to wait and watch.you
still are the owner. |
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kapn
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Don't you listen to Judge Judy............it they fault you cover it..........get an attorney if you want........you can sue anyone..... for anything........... for any amount............... anytime......if you can afford it......sound like a lot of LOVE to me............you sue and your relationship is shot............sorry..........truth sometimes hurts...... |
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couchcashdotcom
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Sorry, but you're on the hook grandma. I'm not even sure you can take over the house unless they agree, all you can do is make the payments if they don't. In a case like this you should have just bought the house and let them live in it, that way you maintain control. |
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