speedingpenguin 19 Report post Posted July 25, 2012 This is a deal I assigned last year, the tenant/buyers are breaking up and the guy is staying in the house. He's not able to cover the expenses on his own and shows signs of not being the most responsible person in the world, but apparently his mother is going to help him cover the expenses for the remainder of the term (roughly another year). Him and his ex (who was the main income source and is now moving out) both signed the agreements. What do you all think would be the best way to handle this situation so it doesn't turn in to a bigger problem down the road? The way I'm seeing it, they both signed so even if she moves out, she's still technically responsible just as much as he is. If his mother is willing to help him out however, is there a way to have her co-sign or something? The seller is a little concerned and wants to minimize any risk to the property and certainly would rather not end up going through the eviction process if the tenant/buyer's mother doesn't follow through and help cover the expenses... This was an assignment but I'd like to help the seller as best I can. Any ideas or suggestions? Thanks! Share this post Link to post Share on other sites
<Steve> 82 Report post Posted July 25, 2012 If he can't pay...he can't stay. Maybe mom can co-sigh for a mortgage to purchase. Prep the seller for your "help" to place another t/b. Not much else I can or would do really. Seller would only evict the one remaining in the property, dependent on your state statutes. Share this post Link to post Share on other sites
ErikOk 10 Report post Posted July 25, 2012 This is a deal I assigned last year, the tenant/buyers are breaking up and the guy is staying in the house. He's not able to cover the expenses on his own and shows signs of not being the most responsible person in the world, but apparently his mother is going to help him cover the expenses for the remainder of the term (roughly another year). Him and his ex (who was the main income source and is now moving out) both signed the agreements. What do you all think would be the best way to handle this situation so it doesn't turn in to a bigger problem down the road? The way I'm seeing it, they both signed so even if she moves out, she's still technically responsible just as much as he is. If his mother is willing to help him out however, is there a way to have her co-sign or something? The seller is a little concerned and wants to minimize any risk to the property and certainly would rather not end up going through the eviction process if the tenant/buyer's mother doesn't follow through and help cover the expenses... This was an assignment but I'd like to help the seller as best I can. Any ideas or suggestions? Thanks! Obiviously you shouldn't be playing attorney, but what about this or something similar? Otherwise I guess just let Mommy pay his rent cosigners.pdf Share this post Link to post Share on other sites
MichaelC 160 Report post Posted July 26, 2012 From a legal standpoint, the now ex-wife is on the lease and still responsible for meeting the obligations of the lease that she agreed to when she and he signed the agreement. If mom wants to chip in and pay, that's fine. But if she doesn't, hubby and wife share the burden of making good or facing the consequences. Of course, that's all on paper. In the real world, if the rent doesn't come in as expected, the homeowner needs to begin the eviction process ASAP and he should probably hire an attorney to do so.I understand you want to help, Chris. But I would be sure the homeowner sees you as a friend giving some casual opinions, and not someone who is offering legal advice. Share this post Link to post Share on other sites
speedingpenguin 19 Report post Posted July 26, 2012 Thanks guys, I'll let you know how this plays out.... Share this post Link to post Share on other sites
pilot76180 51 Report post Posted July 28, 2012 I would probably start talks with the guy about a gameplan for his exit. He can't buy it, and unless his mom can buy the house on her own and wants to, then it's just a rental now. IF you keep communication open with the guy, then maybe he won't trash the house. Share this post Link to post Share on other sites
speedingpenguin 19 Report post Posted July 28, 2012 Good call, John... Share this post Link to post Share on other sites
Shar NJ 1 Report post Posted August 4, 2012 I would probably start talks with the guy about a gameplan for his exit. He can't buy it, and unless his mom can buy the house on her own and wants to, then it's just a rental now.IF you keep communication open with the guy, then maybe he won't trash the house. That's the problem here, him not being able to qualify for an end loan which is the ultimate goal. His mom could co sign but she would be a non-occupying co borrower which makes things more difficult regarding qualifying for the loan. I would explain this to him, have him and the mother talk to a mortgage broker, and give him the option to move on and you find another Tenant/Buyer. Share this post Link to post Share on other sites