Legal Question in Real Estate Law in California
Co-signing a refinancement of a home mortgage loan
My problems involve my family so I'm not sure if this issue is also family law or not. Basically, I helped my parents refinance their home mortgage with a cash-back b/c my father claimed he was going to sell the house soon after and clear my name from the loan. I love my parents and want to help. However, my parents support/house my unresponsible, unreliable grown adult brothers. My father refuses to make a will and leave the house under my name so that I can immediately sell it upon his death. I am no longer speaking to my parents b/c of this and b/c they continue to support their pathetic sons. Is there absolutely anything I can do to fix this? I don't think it's fair that upon my parents' death, my lazy brothers will get money or a house they don't deserve. I have been the only child to help out financially and feel I will get screwed in the end. My parents don't want to sell the house anymore or create a will so what will happen to the house once they die? Will I be responsible for the mortgage b/c I co-signed the refinance? Will I have any authority over the house?
2 Answers from Attorneys
Re: Co-signing a refinancement of a home mortgage loan
The first question would be, "Is your name on the title?" Lenders usually want all parties on the loan to be on title, too. If you are on title, then it would depend on how title is held ... tenants in common or joint tenancy. If you are on title, you could force sale by a partition action. If you are not on title, then you will need to sit down with an attorney to look at your options.
Re: Co-signing a refinancement of a home mortgage loan
All right, please explain to me what you are owed. If all you did to help them refinance was cosigned on mortgage you paid no money out, you did not loaned them any money. Therefore, what do they owe you or am I missing the point. If this were conventional loan and all you did was put your name on the loan with them any lender would require your name on title. Therefore, under the law you have some interest in the property depending upon how title is specifically held. Isn't that enough. That means you control of portion of the property because of the title. How you deal with that is something I cannot predict based upon your attitude in your question. And even though you hate your brothers, the really want to see your parents. Give me a break. When the property is sold, after they pass away, the debt will be paid off. The only risk you have is give the property goes in foreclosure and I'm sure that you will make sure that that does not happen. Then, and only then we you're parents "owe" you something. By the way, have you ever thought of how much you owe them?????????i have been practicing law in this speciality for over 30 years in the san francisco bay area and if you wish to consult with me you can contact me at 925-945-6000.
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