- This topic has 9 replies, 6 voices, and was last updated 8 years, 5 months ago by Anonymous.
- May 5, 2011 at 4:26 am #202982AnonymousInactive
…just walk away? I have good credit with a few other debts car loan and 1 credit card that I still wish to pay off.
- May 10, 2011 at 6:33 am #270458lolohowtideMember
Do you mean you used an unsecured line of credit or did you get a secured mortgage loan? It makes a difference.
- May 10, 2011 at 6:49 am #270576karihapcideMember
Both good answers, but would you be able to rent it for enough to cover your loan payments? This may help until you can sell it.
- May 14, 2011 at 2:31 am #426391AnonymousInactive
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.
- May 14, 2011 at 2:56 am #426392AnonymousInactive
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.
- May 14, 2011 at 3:25 am #426393AnonymousInactive
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.
- May 14, 2011 at 4:15 am #426394AnonymousInactive
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.
- May 14, 2011 at 4:23 am #426395AnonymousInactive
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……
- June 14, 2011 at 2:19 am #289306wanloocheadpolsvaMember
they’ll still come after you for the money – if they sell the house for less than you owe them, they’ll sue you for the balance, plus fees and interest – your credit will be severely affected for years
- September 17, 2011 at 11:08 pm #290159AnonymousInactive
There is no “walking away.”
If you do, prepare to regret it for the rest of your life.
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