I have 2 co-signers on my house what rights do they have?

bought a house in the late 70's at the time I need a co signer so I got my mother and my sister to do it for me. My mother helped me with coming up with money for everything and my sister helped with nothing. My mother now lives in the house for the past 28 yrs. My problem is that my sister is waiting or wanting my mother to die so that she can get the house and let her adult children stay there.I would like for her to get a reverse mortgage.I no longer want anything to do with the house since I left thereafter getting married. So i would like to know what rights do cosigners have. Does she have the right to do what ever she wants when my mother dies. My mother plans to will her part to my brother which is good my brother is who helps her with all her bills connected to the house PLease give me some advice on what to do with this problem. This is bothering me and bothering my mother even more that her daughter is only thinking about what she is going to get once she is gone.

I do know that the flollowing article is about car, but the same rules apply

* N THE EVENT OF FAILURE TO MAKE A PAYMENT OR IF THE VEHICLE IS INVOLVED IN AN ACCIDENT, THE CO-SIGNER IS AND WILL BE HELD RESPONSIBLE. AS A MATTER OF FACT, THE CREDITOR OR SUERS MAY GO AFTER THE CO-SIGNER WITHOUT EVEN ATTEMPTING TO COLLECT FROM THE PRIMARY BUYER. SO THEREFORE, IT WOULD MAKE SINCE THAT THE COSIGNER HAVE RIGHTS TO THE CAR. IF THE LOAN IS IN BOTH PARTIES NAMES, BUT THE TITLE TO THE CAR IS NOT, THEN THE CO-SIGNER MAY NOT HAVE RIGHTS TO THE CAR OTHER THAN MAKING PAYMENTS. CHECK WITH THE FINANCING COMPANY TO GET A BETTER EXPLAINATION.

* If there name is on the vehicles title then they have equal rights to the car as the person they co-signed for.

* Definitely, a cosigner has a rights to the car when we signed the vehicle contract. Then, we agreed that the cosigner signed my promissory note in my experience. The cosigner can have a right to take away my Honda vehicle by using the tow truck. I cannot sue the cosigner for not paying auto monthly payments and etc. However, I find a new way to stay away from Honda Financial having to sue me and the cosigner was out of my life. Then, I am ready to sue the cosigner for later when everything must be clear away.

* PLEASE DO NOT COSIGN! YOU HAVE HARDLY ANY RIGHTS AS A COSIGNER! I am currently going through a situation where I cosigned for a car for my sister. Due to her lack of making payments, I have hired an attorney to try to obtain possession of the vehicle. Both her and I are listed on the registration/title as 'or'. She has possession of the vehicle, the registration (which I obtained a copy of from the Motor Vehicle Office) and carries the insurance. My attorney tells me although I am on the title, registration, and loan, in oder to 'take' the car I have to go to court and have the judge issue a Writ of Possession. My attorney tells me that due to my sister being a low-income-producing-single-mother, I will be lucky to get the car from her so I can sell it and be done with this nightmare despite the fact that I have made 17 of the first 22 payments. I have learned the hard way (I am quite jaded because of this experience) the person who has the car in their possession has most of the rights - regardless of who is making the payments. Hope this helps. DON'T EVER CO-SIGN FOR A CAR FOR ANYBODY NO MATTER WHAT! PLEASE LEARN FROM MY MISTAKES!!!

* NO, the subject of loan documents is the AMOUNT OF MONEY OWED. For automobile loans, the car itself is only the "security" for the loan. You co-sign a contract to re-pay $X dollars for X terms. Nothing in loan documents grant rights to borrower or co-borrower. Those rights are conveyed by title. This is why the lender will retain possession of the title until the loan is paid in full. Until the loan is paid off, it does not technically belong to the person driving it.

Most important thing is how is the property titled? if there are three people on the title, you, your mother and your sister, she already has a1/3 right to the house

But your mother may will her share of the house to your brother and there is nothing your sister can do about that

as long as your name is still on the deed,your sister cannot sell it without your signature.know this,if she gets a reverse mortgage,home equity loan,and you are on the deed,YOU are just as responsible for the house/mortgage/loan as she is,as is your mother.your sister sounds like a real loser,sorry to say that but just forming an opinion on your words.Its too bad that your mom has to worry about her instead of enjoying her life.

Get mom to make a will of her part of the property. If you and her did all this then the money she gets from her part will go to you. If sister is going to take the house then she must pay you fair marked value in order to take ownership and life there. If she cannot afford to do this then the house shall be placed on the open market and sold. The money from Mom shall be given to you and sister shall take the rest.

cosigners are for credit reasons...I would guess if their names are not on the deeds and the will(s) do not indicate they are to get the house then i would say no rights. but I would consult with a lawyer.

A co signer on a mortgage may not be listed as an owner on the registered deed.

When this is the case, the co-signer acquires a contingent liability, not much more. The cosigner can force the primary borrower to liquidate to avoid the contingency of having to pay off the mortgage.
The co-signer who pays on the basis of a contingent liability would have a right to recover that money from the owner, with interest.

If the co-signer is a co-owner as well, the situation becomes much more complicated. It very much depends on what form of ownership is on the deed, whether there is a right of survivorship etc.

This is something you should talk to a lawyer about, and be sure to take along the sales contracts and deeds.

If there is a right of survivorship, your mother would not be entirely free to dispose of it in her will. If she is not a co-owner, she can not pass it on in her will, but her estate can claim any money she put into it from you.

In whose names is title to the house in?

Read the form that they signed, it should say.

My best suggestion: Consult a reputable, knowledgeable real estate attorney, who knows the laws, rules and regulations as they apply in your state to your situation.

Speaking with a qualified attorney usually gets the matter explained and possibly solved in the appropriate manner.

Although the explanation may not be what you were expecting or wanted, at least you have a better picture of the options you have - or don't have - available to you.

Thanks for asking your Q! I enjoyed answering it!

VTY,
Ron Berue
Yes, that is my real last name!

It matters not who signed or co-signed on the note.
It only matters who's name or names are on the title of the property. You can have your lawyer check who's name the property is in.
If it is in your name you have full control, and can sell the property or sign a new mortgage or reverse mortgage note.

(Reverse mortgages are not normally a good deal, more precisely a very bad deal).

If your mothers name is on the property then it is hers, and if she dies then her will will decide to whom it goes. She should have a will, very important.

If more than one name is on the title then any new mortgage or sale needs to be signed by all, unless one has the power of attorney for another. Also, in some states the owners spouse must also sign on mortgage notes.

Another thing you need to find out if any of the people on the title have executed any papers giving another power of attorney. You may also find your sister has got your mother to sign a will or deed in favor of your sister. In which case, while that is still in effect your sister could sign on behalf of your mother.

So you need to find out two things, who's name is on the property title and what your mothers will says, (if she shows it to you, she does not have to.)

You may want to find out if there are any other contracts, for example it is possible that the property owner signed a contract with some one that gave them an equitable interest in the property in some way.

It all has to do with the owner of the title to the land, and any contracts or liens recorded against the title.

It would be very sensible to hire an attorney - IN the state where the home is located. Go get one NOW, and get ahead of the game.

If your mother is aging it is important to get this sorted out before you have problems with your mother dying or becoming legaly incompatant to sign for her self.

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