Legal Question in Real Estate Law in Maine
Mother co-signed for Daughter�s first home: Does a co-signer of a home mortgage have the same rights as the 1st signer, (as it is to be 1st signer�s private home) or does the 1st signer have power over the co-signer? Mother does not want to sign Real-Estate waver for sale of said home without stipulations. (amount owed, amount selling for, Name of realtor, etc.)
1 Answer from Attorneys
I am unsure if mother is on the deed, and therefore on the mortgage, or is just a co-signor to the note. That is significant, because as a co-signor to just the note, the mother does not have the legal right to direct issues regarding the sale of the property. However, if the mother is on the mortgage, and deed, then she has the same rights as the daughter as to all aspects of the real estate, even if she is not living there in posession.
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