In 2007 I began the process to purchase my first home. After agreeing to back the mortgage
loan, my first lender backed out leaving me just 24 hours to secure a new lender. Under pressure, I had to secure a new promissory letter from a new lender. However, since I was relocating and had not yet found employment in my new city, the lender suggested that I add another person to the loan agreement. The lender asked me who was going to reside in the home with me and suggested that I add this person to the loan and they would back it. That's exactly what I did, feeling confident in my committed relationship and because marriage had been promised. I closed in December 2007.
Needless to say, two years into the new home, things just didn't work out. No crime - not placing blame. We both fell out of love. I know ignorance is not a legitimate excuse in law, but I had no idea that by letting someone cosign on the loan automatically places them on your deed. We parted ways in March 2010. Since then, I've tried to get this matter resolved and he has not been cooperative. I've tried to have a quick deed executed; I've tried an assumption loan with the lender. Nothing has worked in my favor thus far. Every bit of advise I've been given to date says I need to hire an attorney. Here are some quick facts of this situation:
Cosigner invested no money in the down payment, mortgage payments, HOA
dues, taxes or maintenance
of the property;
Cosigner abandoned the property in March 2010
Cosigner married in March 2013
Now, in addition to our stalemate, I also need to have his wife sign off on the deed as well. I have not been able to take advantage of the lower interest rates, nor can I sell the property outright.
I refuse to believe that there is no legal resolution to this problem. I am the primary borrower; I have paid all mortgage payments, taxes, dues, etc. I strongly feel I should have some rights and should not be punished forever for a mistake I made because I didn't fully understand the consequences.
Should I need to retain legal assistance, can I make him responsible for legal fees and court costs? Can I hold him liable for half of the mortgage payments for the life of this loan agreement so far, or at least since he married?
It has been a real struggle to hold onto this property during the economic recession which began as soon as I relocated. I've done everything in my power to make mortgage payments and hold onto my property. My loan is in good standing and I think it's very unfair that his credit score get a boost every month and he has done absolutely nothing to earn it.
Please help. I need to get this issue resolved as soon as possible. I have two children who will inherit this property upon my death. I also would like to refinance and take advantage of the lower interest rates. And, should I decide to sell, I would like a check written in my name only. I know this is a tangled mess to deal with, but I cannot find peace until this mess is fixed. Please advise!