Mortgage Cosigner Legal Help

[MNBill]

Get an attorney ! Keep in mind that any foreclosure will take at least a year for the right of redemption to run. Simple solution may be to try to buy the Right of Redemption from the borrower and then go to the bank and work a deal with them, but an attorney will need to be involved with this as most non-attorneys will not know how to Strike such a deal. Buy the right of redemption shorten the time. That the property is in foreclosure thereby allowing the bank to take advantage of the up market in your area. in other words, it can be a valuable asset to the bank.

 

[ben h]

Just a thought, but might be worth considering asking your inlaws how much they want to give you the right to sell the property. If they won't and don't get the mortgage current, you're eventually going down the forclosure path.

Might be a good time to start sheltering some of your assets if you haven't already.

 

[deltadukman]

Not to make you lose any more sleep over it, but are you listed as secondary loss payee or additional insured on their insurance policy? If they say screw you, and destroy the house then vanish, there's a good chance you will have to deal with that as well.

 

[Douglasr]

You have to kill this man.

 

[Douglasr]

 

[wyogoat]

You have to kill this man.

 

[Zak406]

My opinion albeit a non educated one. I would let them default ( your credit is already shit it sounds like at this point) At some point they will have no where to stay and id cut them out. Legally I don’t think there is anyway you get out of this Scott free. Again non educated opinion.

 

[sasquatch]

My opinion albeit a non educated one. I would let them default ( your credit is already shit it sounds like at this point) At some point they will have no where to stay and id cut them out. Legally I don’t think there is anyway you get out of this Scott free. Again non educated opinion.

I bet you could take this route and talk to the bank to maybe let you take it over after the foreclosure. (They have to sell it anyway)

Then, rent it out to pay some notes, build credit back up, then sell it and recoup losses


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[lhbackcountry]

Not a smart man, but i think arsen with the Christmas throwing hands hooligan inside would be make for a pretty holiday tale

 

[fmyth]

Get an attorney ! Keep in mind that any foreclosure will take at least a year for the right of redemption to run. Simple solution may be to try to buy the Right of Redemption from the borrower and then go to the bank and work a deal with them, but an attorney will need to be involved with this as most non-attorneys will not know how to Strike such a deal. Buy the right of redemption shorten the time. That the property is in foreclosure thereby allowing the bank to take advantage of the up market in your area. in other words, it can be a valuable asset to the bank.

Not all states have a right to redemption law.

 

[fmyth]

Not to make you lose any more sleep over it, but are you listed as secondary loss payee or additional insured on their insurance policy? If they say screw you, and destroy the house then vanish, there's a good chance you will have to deal with that as well.

Insurance won't cover willful acts of destruction by the principal owner or tenant.

 

[fwafwow]

OP - what’s the latest?

 

[Yoder]

Ski mask, baseball bat, knees.

 

[MallardSX2]

You should have beat the brakes off of him at Christmas.

 

[19hunt92]

I bet you could take this route and talk to the bank to maybe let you take it over after the foreclosure. (They have to sell it anyway)

Then, rent it out to pay some notes, build credit back up, then sell it and recoup losses


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This is the option i want to try and pursue as there is money to be made there but the catch is getting the deed owner to agree to it...unless we can force forclosure to supercede this...

 

[19hunt92]

OP - what’s the latest?

Currently talking to an attorney and grabbing all paperwork i can get for him to review. I suspect this will take a couple weeks to get a game plan together

 

[19hunt92]

Ski mask, baseball bat, knees.

I can't react to this yet...until resolved...for legal purposes...or lack of accountability

 

[WCB]

Does this guy seem like the type to throw muffin punches? If so...coax him into hitting you...threaten legal action unless they make the house situation right.

Obviously don't do this if he's got hands....but knowing the vast majority of people don't know how to throw a bunch....Also, avoid if your made of glass.

 

[rayporter]

rent it out to a biker gang.

 

[browning2480]

I get all the frustration with the in laws, but when you co-sign, you are literally agreeing to pay if he doesn’t. So how can you get mad at someone if signed a contract that said you would pay if they don’t? In my mind, everyone needs to be responsible for themselves. I know you already know this, but any frustration towards the in-laws should be directed back at yourself for the dumb decision. Get it taken care of and move on.