Selling a Property Without the Co-Owner

**someonenew79** · 09-18-2010, 04:17 PM

My question involves real estate located in the State of: Virgina

Hi All,

I have a Home mortgage in (Northern Virginia) with a co-signer and co-signer is leaving the country for ever in December 2010. Currently property is still on both names and rented out. What are the different options that I have in my hand?

Since we are having mutual understanding, can I sell the property in the absence of co-signer?

If tenant is willing to buy our property, what are the pros & cons in this option? Do I need to go through mortgage lawyer?

or do i need to go for short sale or foreclosure.

**flyingron** · 09-19-2010, 01:45 AM

A mutual understanding isn't good enough. You need to be able to act legally for your co-owner. The way to do this is to have a power of attorney document executed giving you the right to do so. Generally, the more specific you can make a power of attorney that will still cover all the actions necessary, the better.

A real estate attorney would be advisable to handle both the preparation of the POA document and also any purchase contracts with the eventual buyer.

Now as to your last question, what are you talking about? Is the tenant only willing to offer less than what you owe on the property? If so then that short sale would need to be approved by the lender. If you are paying the mortgage as you are obligated to do, there's not going to be any foreclosure.

**someonenew79** · 09-19-2010, 07:12 AM

Thank You so much For your response ...

**someonenew79** · 10-02-2010, 11:48 AM

Now my co-signer is leaving the country in 10 days and i have no time to refinance on my house.

Still i will be paying complete mortgage untill i sell the house. Now the Question is

1) Can i close the house alone with out my co-singer.

2) does my co-signer needs to sign any papers at the time of closing.

3) If yes can i courier the papers to my co-signer get it signed by the closing time or (any other process involved)

4) My Co-signer is ready to give a general power of attorney in my name for furthur dealings of the property in this case is it advisible for me to handle this situation alone.