What to do if a co-signer refuses to get out of the loan?

Question

My dad bought a house about 2 years ago, I have 2 little brothers, and the co-signer is single.. he now hates my dad and refuses to get out of the loan he said he wants to see us in the street! he literally hates us he threaten and yells things at us... etc.. you cannot negotiate with him in any way, he is aggressive... we offered to pay him off.. he refused!! we do not know what to do anymore please help!!?? we are also scared for ourselves that he might do something to us... our realtor has prepared all the paper work and he will not sign the realtor gave up said we should just sell the house -- would you leave your house just because your neighbor who is the co-signer wants you to move!!?? to me thats giving up we need to find a way to make him sign but how???...

Answer 1

The co-signer does not own the loan and can in fact be booted out. Your father simply needs to refinance the loan without the co-signer, or get another co-signer. The co-signer is not a co-owner and has not right (or benefit either) to stay on the loan.

Answer 2

Sounds like the neighbor is more than just a co-signer, maybe a co-owner? Why would your dad's Realtor need the neighbor's signature if he is just a co-signer? So, assuming the neighbor co-owns the home, first, what is your dad having the Realtor try to do? Get the neighbor's name off title? Who is paying the property taxes? And it's just your dad and family living in it, not the neighbor, right? Call the police/go to the police station and file a restraining order against the neighbor, then go see a real estate attorney ASAP. At least make the call to an atty and spell out the scenario; the atty will give you some direction and a better understanding of where your dad is at and what to do. Filing the restraining order will give you credibility if the need for it comes up and protects you to an extent. All of the kids would be witness to the fact that you guys have a right to fear the neighbor. The atty will want to know how title is held (tenants in common, joint tenancy,) because this can affect how your dad needs to proceed to get this guy out of your lives. He'll also want to know if payments are being made by both your dad and the neighbor, or just your dad? If the neighbor just co-signed and your dad is making the monthly payments, all your dad needs to do is refinance the place under his name alone. If you can answer my questions, email me back. Good luck

Answer 3

You posted this exact same question a few days ago and received some very good responses.



Again, I'm going to assume that your family makes all the payments, and this neighbor just guaranteed the loan by co-signing.



I don't understand what is at the heart of this issue. He didn't just up and start hating your dad. If he went from cherishing your family enough to co-sign to threatening, something has happened to change the situation.



Start gathering evidence about his harassment in case you need it later. In the meantime, start proceedings to get a protective order for your family against the guy. That should slow him down. Then see if you can refinance the house without him.

Answer 4

If he is part owner of the home and pays for part of the mortgage and does not live there, then you owe him rent for the portion he owns of the home. If you own the house together and he does not want you to live there, you can rent it to a third party and share the rent. If he just signed the papers as a guarantor on the loan, but did not put any money down to buy the house, he has no right to tell you to leave. As long as you can make your mortgage payments, he would not be involved in you owning the home. I need more info if you need more definite answers.

Answer 5

Apparently he is more than a co-signer. He must also be a co-OWNER to exhibit this level of control.



If he is truly nothing MORE than a co-signer to the loan, he has absolutely ZERO authority or standing to speak for the ownership of the property. The ONLY thing he has done is to personally guarantee the loan.



If he is truly a co-OWNER, you dad made a HUGE error. I can only recommend the services of a qualified real estate attorney to advise you properly.

Answer 6

I have the similar situation. My co-signer refuses to sign off, because she thinks is my fault she lost her job. She provided our employer with a false Dr. Note, her Dr. License had been revoked and both got caught! Now she say she is punishing me and she will not sign off. What do I do. I have try to do this nicely, Anyone suggest a good attorney?

Answer 7

If the neighbor is a true cosigner, then he has nothing invested in the home. He is only the guarantor of the loan...meaning he has signed himself as being the responsible party ONLY if the loan is defaulted by the actual debtor, which is your dad.



My first step would be to involve the police. Have a restraining order (protective order) put in place against him, forcing him to leave your family alone.

Answer 8

This situation requires you to sue this guy. Likely he is on the deed and mortgage. It is a piece of cake to get him off the mortgage simply by refinancing the house. But when he is on the deed and doesn't want to be bought out, you have to sue him to for him off the deed (similar to a divorce).



He can't force anyone out of the house unless he is the only one on the title which is highly unlikely. But your fathers continued effort to pay the mortgage under the present circumstances benefits everyone on the deed, thus a law suit should be filed immediately.

Answer 9

i such co-signer does not want to sign-out,paly his game.



1.let him know that if he does not,sign-out with in one month he should be ready to fix, his credit.

2.do not make the months mortgage,but have the money ready, give the mortgage company the telephone where he works, do not pay the mortgage until he SIGNS-OUT ,but have the money ready and a plan on what to do if he does not sign-out



3.this should move his common sense to sign-out, or else his credit will be mess up.







ANOTHER THING TO DO



go to a lawyer and prove to him that u guys have been paying the mortgage. he should be able to help u guys.



act now ACT NOW!!!!



please let me know how this ends up

[e-mail]

Answer 10

Why does he have to get out of the loan? He's the one on the hook. As long as your dad makes the payments, it doesn't matter who is on the loan or not. If he is on the DEED then he owns part of the house and that's a different story.

Answer 11

your dad has a couple of options:



1. get a real estate attorney - or

2. move and default on the loan.....it will affect the co-signer



sorry you are going through this....



good luck

Answer 12

Get video evidence and sue him if ou cannot get closure some other way ~~

Answer 13

Sue.

Answer 14

DO NOT RELY ON ANY ADVICE HERE.



GET A LAWYER...NOW!