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

[ExtraSlow]

I choose number five.

[gwill]

The mom takes a massive hit in any scenario hence my choice to scare the son into removing himself off the lease. It doesn't sound like she has a lot of money to begin with. At least if she defaults on the mortgage she can save up a decent nest egg while not paying any bills. It's not like she's not used to having bad credit anyways so it's not the end of the world for her and she can walk away with having saved some of what she put into the house.

[kragnorok]

I thought this sounded familiar...

https://www.reddit.com/r/PersonalFin...oint_mortgage/

[vengie]

If that Reddit thread is accurate, this kid sounds like a little shit.

Did he help pay the down payment? has he contributed any money for maintenance, property taxes, etc..?

He is now willing to sever a relationship with his mother because he is a student in need of some money?
GET A FUCKING PART TIME JOB!! like most people who have gone through post secondary, build some character. Better yet, work hard and long days in the summer working construction or similar to ensure you have enough money to last through the school year. But that involves sacrifice and hard work, both of which this kid does not seem capable of doing.

Did he help his mother out acquiring the house by co-signing? sure, but that move also put a roof over his head.

[dandia89]

Originally posted by vengie
If that Reddit thread is accurate, this kid sounds like a little shit.

Did he help pay the down payment? has he contributed any money for maintenance, property taxes, etc..?

He is now willing to sever a relationship with his mother because he is a student in need of some money?
GET A FUCKING PART TIME JOB!! like most people who have gone through post secondary, build some character. Better yet, work hard and long days in the summer working construction or similar to ensure you have enough money to last through the school year. But that involves sacrifice and hard work, both of which this kid does not seem capable of doing.

Did he help his mother out acquiring the house by co-signing? sure, but that move also put a roof over his head.

yeah i dont understand this either.. especially since it doesn't sound like he has any required payments to make to his mom. he has free accommodation and an investment that will develop some great equity in the future. suck it up, get a job and when you're done you'll have no student loans and considerable $$$ for when you sell the place.

[Tik-Tok]

Originally posted by kragnorok
I thought this sounded familiar...

https://www.reddit.com/r/PersonalFin...oint_mortgage/

Reddit thread says the mom refuses to take her son off the mortgage, Beyond thread says the son refuses to be taken off.

Hrrrmmm.

[killramos]

i don't think it was ever implied that the kid has any ownership of the house so i wouldn't call it an investment.

Again a lawyer would be able to explain this better but having your name on the title of something does not mean you own it. There is no % ownership you put on the title. A title is just registration.

It has more to do with responsibility for the property, like who the city is going to go after for unpaid property taxes as an example.

It does cause some issues when the property needs to change hands etc though.

Originally posted by Tik-Tok


Reddit thread says the mom refuses to take her son off the mortgage, Beyond thread says the son refuses to be taken off.

Hrrrmmm.

Originally posted by killramos

Though I admit something sounds odd about the situation?

The whole situation hasn't sounded very plausible right form the beginning.

[sillysod]

I had very similar situation with a Girlfriend years ago.

Bought a condo and needed a cosigner. She cosigned - never paid a penny for it and never lived there (she stayed with her parents because God).

We broke up 3 years later and she wanted 50% equity in the house. I laughed, talked with a lawyer and after spending a bunch of time fighting in court I paid her 30k (about 20% of the equity built up in the house).

Saved me some money but still complete bullshit situation. She went through the money in less than a year and then tried to sue me for the other 30%. Again I had to hire a lawyer but it got thrown out.

By then I didn't require co-signers any more but I learned my lesson. If you have to co-sign with someone you make sure they contribute 50%.

[dandia89]

Originally posted by sillysod
I had very similar situation with a Girlfriend years ago.

Bought a condo and needed a cosigner. She cosigned - never paid a penny for it and never lived there (she stayed with her parents because God).

We broke up 3 years later and she wanted 50% equity in the house. I laughed, talked with a lawyer and after spending a bunch of time fighting in court I paid her 30k (about 20% of the equity built up in the house).

Saved me some money but still complete bullshit situation. She went through the money in less than a year and then tried to sue me for the other 30%. Again I had to hire a lawyer but it got thrown out.

By then I didn't require co-signers any more but I learned my lesson. If you have to co-sign with someone you make sure they contribute 50%.

Did you settle for 30k or was that the court ruling? I just don't understand how a co-signer can prove they deserve 50% of the equity when they don't have any designated payments for the property tax, mortgage or even payments to you for the property.

[revelations]

Originally posted by sillysod
By then I didn't require co-signers any more but I learned my lesson. If you have to co-sign with someone you make sure they contribute 50%.

Years ago my parents co-signed for a condo mortgage so that I could get a much better interest rate.

I didnt expect them to contribute anything as they had no intentions of living in the property

[killramos]

Originally posted by revelations


Years ago my parents co-signed for a condo mortgage so that I could get a much better interest rate.

I didnt expect them to contribute anything as they had no intentions of living in the property

And your parents aren't crack heads so they didn't try to take your house. You just got lucky.

Sounds like this family has some fundamental issues to work out and this is just becoming the catalyst for a circle jerk.

[cam_wmh]

I'll tell you how you resolve this right quick.


Publish his name.

[vengie]

Originally posted by dandia89


Did you settle for 30k or was that the court ruling? I just don't understand how a co-signer can prove they deserve 50% of the equity when they don't have any designated payments for the property tax, mortgage or even payments to you for the property.

Unfortunately our courts and laws are screwed up.

Case and point, a buddy of mine got served papers from his ex gf whom he had a child with, she came into the relationship with 2 other kids. He has paid child support from day one for his child and takes her for 1 week of every month, but 5 years later she takes him to court and was granted child support for the other two that aren't his! and was sued for back pay.

She is already collecting child support for the other two kids from their legitimate father also.
So my friend now has to pay $1800/month in child support to her +$51k in back pay.
Meanwhile he is married to another woman and they have three kids together. In essence she has fucked their family royally. Literally one of the nicest people you have ever met, and the courts shit all over him and his family.

[sillysod]

Originally posted by dandia89


Did you settle for 30k or was that the court ruling? I just don't understand how a co-signer can prove they deserve 50% of the equity when they don't have any designated payments for the property tax, mortgage or even payments to you for the property.

It looked like i was going to have to give the full 50% once we got going in court. I talked with a few more lawyers and they all suggested I try and buy her out because in the end I would likely end up paying her out half.

She found this out after and came back for the rest when her money ran out. We ended up going back to court but it was thrown out. Still had to pay my lawyer bills though. All in she cost me a lot of money.

Sadly Vengie is right

[dandia89]

wow these stories sound miserable. reminds me of the dave foley divorce story.

listen if you guys have some time. it's pretty infuriating how our court system is so dysfunctional.

[Masked Bandit]

When I was a teenager I wanted to buy a used Trans-Am, dealership said I needed a co-signer. I was pissed that my folks wouldn't do it but looking back, it was the right move. My folks wouldn't co-sign jack shit for me, I don't think I'll be co-signing anything for my kids ever either. Just too many opportunities for things to go sideways.

[FraserB]

Reading both sides, if they are indeed the same story, all the people involved sound like they deserve each other. Let them figure it out on their own.

[Xtrema]

You don't want to involve lawyers because it's fees will probably take a good chunk of it.

Son is probably not reasonable and want a pay out. Living with him now probably is not bearable.

So talk into selling and give him his share and call it a day. Then go rent somewhere and tell him to go fuck himself on accommodation.

At least the money went to son, not unrelated lawyers and cut relations after that.

Given there situation, I'm not sure there is any equity to be had anyway after it's sold (Bought at almost peak, agent fees and such). Son will owe more money and out of a place to live while she may still have intact credit history to rent. They were probably forced to buy because nobody would rent to them in the first place. Now landlords are way less picky.

[sillysod]

Originally posted by FraserB
Reading both sides, if they are indeed the same story, all the people involved sound like they deserve each other. Let them figure it out on their own.

In my case I was spending too much time working (making money to pay my mortgage and her school) so she got a boyfriend on the side. Paid her tuition and books 2 weeks before I found out.

She also went after me as a dependent because she "needed" me to continue paying for her school that was taking 2x as long as it took me to graduate. It was pretty awesome.

IMO get a lawyer and just get it done. The sooner it's over the sooner you can get on with it. You can always make more money but you can't get back all the time you will waste trying to avoid the inevitable.

[FraserB]

Wasn't directed at you Sillysod.