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Co-Signer in Trouble |
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I am the cosigner on a mortgage loan with my son-in-law. He and his wife ( our daughter) have made very few payments since the loan originated (three years) - they owe us alot of money (closing costs, repairs, etc). He still cannot qualify to go through the process to have me removed and we cannot continue to carry their mortgage. We own our own home free and clear and can't risk any more damage to our credit rating (they almost lost the house almost 2 years ago) - which is why I make sure the payment is made every month. I have told them they will need to be out of the house by March 1 so I can prepare it for market. I need to protect the investment we have made to date which is why I have kept the payments current. I anticipate a problem at closing with the equity. I feel we can make approx $25,000 in profit when all is said and done - and they owe us all of that and more. What will I need to do to prepare to be sure we get the money at closing? |
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Talk with a lawyer, preferably one who specializes in real estate, immediately. |
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Edith
Originally published on December 30, 2007 |
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