CO-Signer

[r2lrn]

What is the name of your state? TX

I signed a contract as a cosigner for my brother on a house about 4years ago. I was living there for 2 years and paid my part of the rent. When I moved out I still paid a part for several months. I didnt pay for 1.5 years and was wondering since I was not living there and am only the cosigner am I obligated to pay a part of the mortgage. My brother during this time paid the payments on time.

Also is there anyway I can get out of being a cosigner?

 

[HomeGuru]

What is the name of your state? TX

I signed a contract as a cosigner for my brother on a house about 4years ago. I was living there for 2 years and paid my part of the rent. When I moved out I still paid a part for several months. I didnt pay for 1.5 years and was wondering since I was not living there and am only the cosigner am I obligated to pay a part of the mortgage. My brother during this time paid the payments on time.

Also is there anyway I can get out of being a cosigner?

**A: read the mortgage docs that you signed. As far as the lender is concerned, you are liable for the mortgage until it's paid off. If you want out, sell the property or have your brother refi the loan.

 

[r2lrn]

Putting it in better terms... During the 1.5yrs that I was not living there I didnt pay my brother for "rent", however he paid the mortgage on time. So in the lenders eyes the mortgage was paid on time these 18mths. My brother feels that I should pay him back for these 18mths. I never agreed or signed any contract that I know of that required me to pay on the house if I didnt occupy it and I feel the cosigner is basically the person who pays in case the original signer cant pay. Also the mortgage was paid on time since 4yrs ago so the lender has no reason to come after us.

I just want to know if this has to go to court will I have a chance in arguing that since I was not living there these 18 months & am not obligated to pay on the mortgage (unless my brother cant pay), especially if I didnt occupy it or got any benefit of owning the property, will I still have to pay my brother for these 18 months.

By the way since my brother is paying on time i dont think I have the right to sell the property if he doesnt want to ... right?

 

[HomeGuru]

Putting it in better terms... During the 1.5yrs that I was not living there I didnt pay my brother for "rent", however he paid the mortgage on time. So in the lenders eyes the mortgage was paid on time these 18mths. My brother feels that I should pay him back for these 18mths. I never agreed or signed any contract that I know of that required me to pay on the house if I didnt occupy it and I feel the cosigner is basically the person who pays in case the original signer cant pay. Also the mortgage was paid on time since 4yrs ago so the lender has no reason to come after us.

I just want to know if this has to go to court will I have a chance in arguing that since I was not living there these 18 months & am not obligated to pay on the mortgage (unless my brother cant pay), especially if I didnt occupy it or got any benefit of owning the property, will I still have to pay my brother for these 18 months.

By the way since my brother is paying on time i dont think I have the right to sell the property if he doesnt want to ... right?

**A: wrong.

 

[r2lrn]

Back to being serious here .... Homeguru can you specify what part I am wrong.

 

[HomeGuru]

Back to being serious here .... Homeguru can you specify what part I am wrong.

**A: so let me get this straight; you want 18 months of free rent?

 

[r2lrn]

That is not it. During 18 months I was not living there. Plus I feel since he is not including me in any of the benefits of owning a property i.e. tax benefits, why should I pay him for rent when I'm not living there or benefiting from owning a home.

 

[HomeGuru]

That is not it. During 18 months I was not living there. Plus I feel since he is not including me in any of the benefits of owning a property i.e. tax benefits, why should I pay him for rent when I'm not living there or benefiting from owning a home.

**A: ok, then if you paid rent for the time you were living there, and gave proper notice to vacate, then you do not owe rent after you moved out.

 

[john123456]

Poster:

Is your name on the deed?

 

[r2lrn]

As the co-signer yes.

 

[john123456]

Also is there anyway I can get out of being a cosigner?

Just because you co-signed does not automatically mean your name in on the deed. Get a hold of the title report.

Assuming your name is on the deed you can file a partition action which will force your brother to refinance to remove your name or to sell the home.

 

[HomeGuru]

As the co-signer yes.

**A: get your facts straight. There is a big difference to being a co-guarantor on the mortgage loan and being a tenant on title to the property.

 

[r2lrn]

I am the co-guarantor then.

 

[john123456]

Take HomeGuru's advice and review the mortgage documents you signed. Assuming there is nothing in writing to the contrary, it's unreasonable for your brother to expect you to subsidize his mortgage payment.

 

[HomeGuru]

I am sure that there is more to this story.