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How do I get out of being a co-signer on a mortgage in Canada
My daughter bought a house several years back and made the down payment herself and all of the subsequent monthly payments she did get married to a... well loser and has run into some financial difficulty, I am afraid they are going to default and the financial burden will shift to us. My wife and I are both retired now and we would like to get out of being a co-signer and secure our financial future, would you have any ideas thet would help us with this please.
Phil |
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You have two possible avenues here: 1. Your daughter and son-in-law (or maybe just your daughter on her own) refinance the loan without you as a co-signer. This doesn't sound too plausible though, based on your fear that they may be about to default. 2. Your daughter sells the house and pays off the mortgage balance. Those are the only two options to get out of the loan. Otherwsie, be prepared to pay whatever they can't, or risk being sued by the mortgage holder. |
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The problem is that he (son inlaw) is claiming that he has rights to the marital home and will not sign any sale document unless my wife and I agree to pay him $10,000.00 and keep in mind that he has not worked for the two years of marriage nor has he contributed financially at all. He says that My wife and I are responsible for the mortgage and he will not move, he wants to be taken care of. |
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Assuming that your daughter owned the house prior to marrying this guy, and consequently his name is not on the deed, he has no "marital rights" to the property - it is 100% hers, and if she wants to sell there is nothing for him to sign. Your daughter could sell the house out from under him if she wanted to. |
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Thanks ebaines I will pursue this course and see where it takes us we are just so wanting to get this guy out of everyone's life. He is an abuser financially, mentally and physically and we are concerned as well for our daughters well being. Thanks again for your advice we appriciate your help. |
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