Mortgage cosigner rights

[kajones]

What is the name of your state (only U.S. law)? FL

I am a cosigner for a home my ex fiance and I bought. I no longer live at the home. Do I still have rights to that home even if I do not reside there?

[VeronicaLodge]

you have the right to continue paying for it.

are you also on the deed? if you are on the deed then you have a right to the home, if you arent, then you dont.

deeds and mortgages are completely different things.

[HUD-1]

Yes, there is a big difference between a "co-signer" and a "co-borrower". If you co-sign, you are on the Note and Mortage, but not on the deed. (No ownership). If you are a co-borrower, you have an ownership interest in the property as well as the responsibility for paying the Mortgage.

[dmiller12]

You can still be considered a "co-signor" and be on the deed - at least by the definition that lenders use. Lenders definition of co-signor is someone who does not intend to occupy the residence. Some loan programs will allow a co-signor to be on the deed and some won't.

I personally would not co-sign for a family member unless I could be on the deed and thus have control of the property including whether additional loans were taken with the home as collateral etc.. Honestly, I wouldn't co-sign even then.

[FlyingRon]

DMiller...."cosigner" is a pretty well defined term in both banking and the banking statutes It means someone who is on the loan obligation that gets no money/goods/property out of their obligation.

Coborrower isn't a statutory term, but the word borrower means that you get some money (which may turn into a property interest) out of their cooperative obligation.

[dmiller12]

DMiller...."cosigner" is a pretty well defined term in both banking and the banking statutes It means someone who is on the loan obligation that gets no money/goods/property out of their obligation.

Coborrower isn't a statutory term, but the word borrower means that you get some money (which may turn into a property interest) out of their cooperative obligation.

Thanks. FlyingRon.

In the mortgage business we tend to use the term co-signer and co-borrower interchangeably and it typically defines whether or not the person intends to occupy. I did learn something new that if the borrower holds title and does not occupy, they are considered a non-occupying "co-borrower" rather than a co-signer. They are a co-signer if they do not hold title.

Thanks again. That's why I like this site. I learn something new everyday.