AboutFinance Guy Expertise 1. All questions relating to finance
2. All practical aspects of mergers and acquisitions
3. Many general business questions
Experience Considerable experience in the area consisting of 25 years in both consumer and commercial finance and business management, including 15 years specializing in international Mergers and Acquisitions with over $100 billion in assets acquired
Education/Credentials Business administration undergrad
Wharton post grad in finance
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Past/Present clients range from small enterprenurial companies to large multinationals
Expert: Finance Guy Date: 6/17/2008 Subject: Sosigner on loan
Question I own a piece of property with my 2 sisiters. My younger sister and I cosigned a personal loan for our older sister, using our property as collateral. She has now defaulted on the loan and my younger sister and I are going to have to pay the loan to avoid losing the eproperty. She knows we will because the loan balance is 17 thousand dollars and the property is worth 200 thousand. She is trying to force us in to selling the property and that is why she will not repay the loan thinking a sale is our only option. We are going to pay the loan, but once it is paid, she will still own one third. Do we have any way of removing her name from the property if we pay the loan.The property was purchased as a legacy for future generations of our family (it is located on property declared a National Historical Landmark and has been featured in National Georgraphicc) Is there any way we cdan force her to repay the money we put out? We have paid 600 hundred dollars a year property taxes every year for 17 years and she has never paid a dime. What can we do. We will pay. We just want her name removed from the deed.
Answer I am not an attorney, but know of no way that you can remove her without her permission. Keep track of what expenses she owes, as this is a loan to her that you are making.
Obviously, if she wants you to sell, she will not pay you unless the property is sold and your money will come out of proceeds.
Check with an attorney, but you and your sister may also want to record the equivalent of a mechanic liens or encumbrance against the property to register those amounts that you guys have paid out of pocket.
Unfortunately, this kind of situation often ultimately results in a forced sale of the property.
One thing you may consider doing is finding out what her "number" is to pay her off and make her go away and relinquish rights to the land.
Then find someone (perhaps, me) that would be willing to loan you the money to pay her off.
If you have interest in this, e-mail me at ron999d@yahoo.com
