The only way to obtain a person's interest in real estate is for them to execute a deed that transfers their interest to you.
Be careful doing this though. Most mortgages have provisions that a transfer of interest in the ownership of a property will trigger the accelleration clause of the mortgage. The lender will have the right to demand full payment of the indebtedness.
If that is your situation you need to obtain a signed waiver from the lender before making the transfer. You may also want to seek legal advice from the attorney who represented you at the closing.
No. If you are not on the deed, you can't sell the property. The only "right" you have as a cosigner is the obligation to make the payments.
The obligation of being a cosigner and the inclusion of the person's name on a deed are two different issues. Being removed from a deed does not relieve the cosigner of the financial obligation of the loan. In addition, a quit claim to property is usually necessary, the action needed depends upon the laws of the state where the property is located.
No, the cosigner will not have rights to the car after its paid off because the purpose of a cosigner is to pay off the notice if you fail to do so. Being a cosigner does not give them to any rights to the car.
Any transaction can be initiated by either party, but the signatures of both will be required on the deed-in-lieu agreement and property transfer documents.
Yes. * No. Unless a cosigner is also named on the title to a vehicle or the deed to real property they have no legal rights or claim to said property.
A cosigner basically is a guarantor for the repayment of a loan or value and serves as cosigner of the debt. If the debtor fails to make payments or defaults, the cosigner is obligated to pay off the debt. No benefits for the cosigner, but cosigner benefits the debtor.
The only way to take a cosigner off of a loan is to refinance it.
You have the title company write up a "quit-claim deed" for the property. You need to sign it and then the person you want off the loan has to sign it (but they MUST have it notarized), then it can be mailed back to the title company for completion.
The only option to be removed as a cosigner is to have the secured property refinanced without the cosigner being involved.
A cosigner basically is a guarantor for the repayment of a loan or value and serves as cosigner of the debt. If the debtor fails to make payments or defaults, the cosigner is obligated to pay off the debt. No benefits for the cosigner, but cosigner benefits the debtor.
The obligation of a cosigner is discharged by a borrower securing a loan to the satisfaction of the creditor. Paying off a loan will also discharge the obligation of a cosigner.
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.