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 eharrris6763
Joined: 28 Jul 2008
Posts: 1
1.39 Dollars($)
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 Posted: Mon Jul 28, 2008 5:43 pm Post subject: If a persons name is on the deed to a piece of property, but |
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| My husband and my brother-in-law invested in a multifamily approximately 5 years ago. My brother-in-law has signed the promissory note and is on the mortgage, while my husband is on the deed. My brother-in-law has made many poor financial decisions in terms of the building including rolling approximately $30,000 worth of his own personal credit debt into the mortgage at the last refinancing. THe building is now going into foreclosure. Will my husband be financially liable (credit etc)? A lawyer we conferred with stated that he will not because he has not signed the note. Should we proceed with having his name removed from the deed? Are there any negative ramifications that my husband may experience in being on that deed with this impending foreclosure? |
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chrisburns
Community Experts
Joined: 13 Nov 2007
Posts: 383
Location: Florida
65.98 Dollars($)
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| Posted: Mon Jul 28, 2008 6:08 pm Post subject: |
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If you can you should try to do a quit claim deed to get him off the title.
I don't think it will negatively impact his credit in any way, but just to be safe if you have time I would do it.
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Chris Burns
Five Stars Mortgage, LLC
Office: 800-871-2636 ext. 200
Cell: 407-456-3697
Florida Mortgage
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kpatrick
Joined: 29 Oct 2007
Posts: 156
Location: Atlanta, Georgia
40.97 Dollars($)
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| Posted: Mon Jul 28, 2008 6:50 pm Post subject: |
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I agree with Chris, because your husband is not on the loan, your credit should be safe. But I would run ( not walk) to the courthouse and get a quit claim deed filed.
Good Luck,
Kim
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