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Stuck as a primary cosigner N.C.

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Tmfm

Junior Member
14 years ago a woman out of the goodness of her heart became the primary signer on a land/home lone. She has never lived there and has tried to remove herself from the loan. The other signer refuses to find another signer and continually allows the property to go months behind on payment. It is a single wide mobile home and has not been maintained by the occupant as that it is in a state of disrepair. I have asked the loan holders to send a paper of intent as we will not be paying. I have contacted the actual land owner and she informs me the occupant is behind on that payment as well. This has gone on long enough, there must be some way out of this. Please advise it's gone on long enough.
 


Tmfm

Junior Member
What state? And who are you in this scenario?

the state is N.C. and I am the Husband of the primary signer. The event was 14 years ago, we've been married for 7 so this was preexisting not that that has anything to do with it. She has given me authority to discuss the account with all involved parties.
 
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FarmerJ

Senior Member
Are both of them listed on the title to the house ? (since they do not own the land ) If they both are on the title to the house then I think the only thing that might end the problem is a partition suit where the court is asked to order it to be sold.
 

Dave1952

Senior Member
What's a primary co-signer? Did your wife borrow the money and buy this plot and mobile home? Did she co-sign on someone else's loan?
Is the occupant a tenant or the owner?
You mention a land owner. What's that all about?
Who holds title to the land?
Who holds title to the mobile home?
If your wife co-signed for some deadbeat's loan then she is liable for the loan, every penny of it. You can't change the loan agreement, most likely. That means that no one can find a new co-signer unless the loan company agrees.
 

Tmfm

Junior Member
What's a primary co-signer?

--Means primary is listed first, the co-signer is undersigned

Did your wife borrow the money and buy this plot and mobile home?

--This was a land home package. Vance properties supplied the trailer and located property. I understand that there are two different payments due each month. One is for the trailer and the other for the land.

Did she co-sign on someone else's loan?

--She is the Primary signer on a loan in which the occupant of the property is undersigned.

Is the occupant a tenant or the owner?

--Occupant would be co-owner

You mention a land owner. What's that all about?
Who holds title to the land?

--Private 3rd party

Who holds title to the mobile home?

--Vance properties

If your wife co-signed for some deadbeat's loan then she is liable for the loan, every penny of it. You can't change the loan agreement, most likely. That means that no one can find a new co-signer unless the loan company agrees.
--Not looking to change the loan. We are looking to get out of it somehow. If that means dividing the property and I go there with a sawzall and cut the place in half then that's fine by me. I want a foreclosure and I am looking for anyway to force this to happen (legally speaking).
 

STEPHAN

Senior Member
Cosigning and dividing are totally different issues.

You need to give us the full story - or even better have you wife come here, it is always best to have the person really involved here, as a 3rd party usually leaves important information out.
 

Dave1952

Senior Member
Ok, Your wife borrowed money for some reason and used it to purchase a home and land that the co-owner resides in. The co-owner is a co-signer on the loan.
The co-owner has not made payments on-time. It sounds as if your wife has also failed to do this.
The resident co-owner has not maintained the property and neither has your wife. I'd bet that the trailer has lost substantial value. The lot may have gained value, especially with a good well and septic system. Then again it may have lost value. Find out how much everything is worth.
Here's the bad news. Your wife owes this money. Let's say there's $10,000 owing. Your wife can hire a lawyer and sue to force the sale of the land and trailer. This is called a partition suit. She may need a lawyer for this. Let's guess $3000 for the suit and you win. The trailer and land are sold for $12,000. You divvy up the money among the co-owners, say 50-50. Your wife has $6000. The lawyer gets paid, and so $3000 is left. Your wife gives the loan holders $3000. Who knows what the co-owner does with his money. So, your wife no longer owes $10,000, she now owes $7000. That still sucks
Sad, but there's hope. My numbers are guesses. Get the real numbers. Then do the math. See what the numbers tell you. Is a partition a good idea?
 

Tmfm

Junior Member
getting the initial loan providers to foreclose is what I seek. Any tips from previous experience to that end is appreciated.
 

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