Cosigner on a mortgage refuses to be removed from being a cosigner (family)

[e36bmw///]

nm

[R154]

get a lawyer.

[rob the knob]

Originally posted by R154
get a lawyer.

legal contract

[killramos]

Originally posted by R154
get a lawyer.

Yup no way this doesn't end up ugly. Lawyer up now.

#dontmixfamilyandmoney #ever

One note would be, does the son have his name on the title of the house or just the mortgage?

If not let him be liable for the debt all he wants who gives a shit.

Fortunately it's illegal to marry your son so no issues on conjugal relationship and common law there

Still though, lawyer up. Son is clearly a deadbeat and will fuck off.

Though I admit something sounds odd about the situation?

[NoPulp]

Dr.Phil
Mom needs to get a boyfriend
Hitman
Muarry/Jerry Springer


Probably a Lawyer

[Weapon_R]

Tough one especially since a) son is registered joint tenant and b) contributed to the home. It will probably get ugly if it cant be resolved within the family.

[CanmoreOrLess]

I'll skip Christmas dinner at that house, son needs a smack upside the head. She is lawyer bound and awkward breakfasts with the loser son until the courts decide the fate. As the house is in three names, can't she take over 2/3 of the mortgage and let fuck for brains son pound sand as she has majority? There are various poisons to be found, perhaps a winter project for the mom?

[Amysicle]

.

[TimLacroix]

As mentioned by many above, consult a lawyer. I will reach out to one of our lawyers and post more info this week.

[gwill]

Cheaper option here is for the mother to stop paying for the house and mortgage. It's Better then paying a lawyer tens of thousands as well as free Rent to someone who she legally can't kick out. Maybe the son will see how it will affect everyone when the house goes up in foreclosure.

Maybe once she plays hard ball he'll care? If not then I don't see paying a lawyer having much effect.

[killramos]

Yea much cheaper to have the bank foreclose on her house and her lose any money put down on the house not to mention any money paid into it. Don't let those slimey lawyers take a few thousand bucks to have this properly dealt with.

Lol

[revelations]

My guess is that this could be 10k after the legal BS is over with. The son sounds like they have no money to lawyer up anyways.

Depends a lot on the equity in the home, as well as other factors.... but walking away with a lot invested sounds like a bad idea.

[CompletelyNumb]

Sounds like the son needs a spanking. Take him out back and whoop him.

[e36bmw///]

nm

[killramos]

sounds to me like the bigger problem is buddy having their name on the title...

[botox]

I had a similar issue with my deadbeat brother. He is probably looking for some compensation to take his name off, I'm guessing 33% of the profits if the house is sold. If you can come to an agreement on price to remove his name then that would be the easiest route but you will still need a lawyer regardless. One thing though, I would make sure to keep the second brothers name on it until the evil one has been removed.

[gwill]

An attempt to scare the son into removing himself off title is the best way to go.... He rightfully owns any equity in the house until he's removed... Knowing the house is only a couple years old there wouldn't be much equity in it assuming only 5% was paid. Cmhc wouldn't even be paid off yet and the house wouldn't have appreciate in value in this time. So if the son can be scared into realizing it's more of a liability then an asset at this point maybe he'll remove himself for a fee. This may mean the mom has to play hard ball and skip a payment or two so her son thinks she's willing to walk away from it all....

The fact she didn't have anything drawn up with a lawyer in advance to cover transfer of title, issues with selling and who can live in the home is a bit shocking.

[e36bmw///]

nm

[soloracer]

Can she not get approved for another mortgage and buy out the existing mortgage? Does the agreement to sell need to be unanimous? If the good brother was willing to side with her does it work in her interest to keep him on the title so that it's always 2/3's to 1/3 instead of 50/50?

[killramos]

All questions a quick consultation with a lawyer would answer....

The way I see it these are the options:

1) Walk away from the house. Everyone takes a big hit to their credit (now you are fucking over the good son to), loses their home, and writes off any money that has been put into the home. ( Assuming the house is a minimum of 300,000 then that's a $15,000 dollar down payment you are kissing goodbye in addition to any equity). Likely rent for the rest of your life.

2) Sell the house and hope the brother doesn't kick up a stink when you try to transfer the title ( still involves a lawyer). Everyone loses their home, spends a ton on real estate fees, probably long and drawn out in this market. House likely underwater. Still take a hit to credit.

3) Let the son have you by the balls, continuing to gain (likely) legitimate equity in your home by helping pay the mortgage. See what kind of fuss he kicks up at mortgage renewal in a few years, let alone when you decide to sell the property in 20.

4) Be a reasonable person and consult a lawyer to learn your options. Likely sue son to get this taken care of properly. You keep your house. Son gets kicked out. Out a bit of money, but that's the cost of your not thinking this process through in the first place.

5) Have uncle johnny break the kids bones until he signs away his claim to the title.