Forgotten Your Password?

Need to Register?

Question Icon

I am a co-signer on a mortgage, do I have the right to sell the property?

by haroldmiller from New York, New York. May 20th 2013 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

If you co-signed, then your also on the deed.. so you do have the right to sell the property, however, the primary borrower/owner will also have to sign. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

May 20th 2013
1
0
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions

Maybe. To be able to sell a property, you need to own it. Just because you are on the mortgage does not automatically mean you are on title. Although true, most lenders DO require all borrowers to be on title, other steps can be taken to remove a borrower from title while remaining obligated on the note. If you are an owner, then you have rights to sell. However, in order to sell, you need the approval of ALL owners. If owners cannot agree, then it may be necessary to get a court order to force the sale of the property. A common issue is borrower "C" co-signs for borrower "B" Borrower B does not pay timely (or not at all) and C is stuck holdiong the bag. C wants to sell, but unless b signs the transfer deed, C can't sell. A court order allows C to sell with or without B's cooperation. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

May 20th 2013
1
0
Charlie Sparks (CharlieSparks)
#8 ranked lender in New Mexico - 401 contributions

Everyone on the deed will need to agree to sell as signatures by all are needed. If you just co-signed on the loan you may or may not be on the deed. I would check with the title company / escrow attorney that handled the closing.

May 20th 2013
0
0
Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

All those on the title must sign off ownership interest, for a conventional sale. You can not force a sale, without legal action to partitiion the title.

May 20th 2013
0
0
J.D. Peck (TheJDPeckLendingTeam)
#44 ranked lender in Colorado - 82 contributions

You cannot sell without the primary borrower.

May 20th 2013
0
0
Raymond Denton (Raymond)
#10 ranked lender in Ohio - 224 contributions

You have a right to be involved in the sale, as long as everybody on Title agrees to sell the property.

May 20th 2013
0
0
Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yes you do, but at closing everyone that is on the Deed must sign over their ownership rights at closing. This can change thgough if there are extenuating like a death of the Primary Borrower or possbily a divorce decree. A power of attorney can work as well if the Primary is not available such as being deployed over seas. Hope this can guide you in the right direction.

May 20th 2013
0
0
James Mazzola (Mazzola)
#109 ranked lender in New Jersey - 314 contributions

All owners have to agree to sell the property

May 20th 2013
0
0
Pete Bass (PeteBass)
#30 ranked lender in Connecticut - 476 contributions

the answer is "maybe"- are you also on the title? the other parties that own the house on title will also have to sign-

May 21st 2013
0
0
Subscribe to our news feed.