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Parents Rights as Cosigners of a Home

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  • 01-11-2007, 11:27 AM
    kdstokes
    Parents Rights as Cosigners of a Home
    My parents are cosigners on my home. My parents have recently seperated. My father thinks that I have to give him part share in my home. He has never put a cent into it, including the mortgage. Can he do this?
  • 01-11-2007, 11:28 AM
    moburkes
    Re: Parents cosingers of home
    Is he only on the mortgage? Or, is he on the deed?
  • 01-11-2007, 11:29 AM
    kdstokes
    Re: Parents cosigners of home
    I think he is on both.
  • 01-11-2007, 11:30 AM
    moburkes
    Re: Parents cosigners of home
    Quote:

    Quoting kdstokes
    View Post
    I think he is on both.

    Then he is an OWNER of the house that you live in, regardless of the amount of money that he has put into its upkeep. However, unless he is willing to spend tens of thousands of dollars, he won't get to benefit from his ownership until you sell the house.
  • 01-11-2007, 11:32 AM
    kdstokes
    Re: Parents cosigners of home
    That could be good. I am never going to sell. It is my retirement property.
  • 01-11-2007, 11:34 AM
    moburkes
    Re: Parents cosigners of home
    You'll never need to refinance? Or, go into a nursing home? Or, get married/divorced?
  • 01-11-2007, 11:39 AM
    kdstokes
    Re: Parents cosigners of home
    No. Never going to refinance. House is almost paid off. It's a rental and the rent more than covers the cost of everything. My dad is old and will be gone. Married or not I will never sell.
  • 01-22-2007, 06:55 AM
    colourfastt
    Re: Parents cosigners of home
    Quote:

    Quoting kdstokes
    View Post
    No. Never going to refinance. House is almost paid off. It's a rental and the rent more than covers the cost of everything. My dad is old and will be gone. Married or not I will never sell.

    And in his will he could leave his portion of the house to a friend of his, and you'd end up owning said property with someone you never counted on.
  • 01-22-2007, 08:20 AM
    Just Breath
    Re: Parents cosigners of home
    If your Dad is a co-owner of the property, seems to me he is entitled to a share of your profits on renting the property out.
  • 02-02-2007, 08:23 AM
    kdstokes
    Re: Parents cosigners of home
    He isn't entitled to anything. He has never put one cent into. He will also never get anything out of it.
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