Payoff

Posted: Fri Jul 18, 2008 8:46 am Post subject: Payoff

In 1985, I took out a loan for $85,000 to buy out my Aunt. Now, my dad and I own a property 50/50. My dad remarried but does not have his wife on the deed. I recently got married and do not have my husband on the deed. I currently owe $50,000 of that loan. If I decide to pay my loan off. Are there any consequences as far as anyone forcing me to sell my 50% of the property. Am I more secured with a lien?

larry · Joined: 27 Jun 2007 Posts: 3328 474.61 Dollars($)

Hi Guest.

Welcome to the forum.

Are you and your father paying the mortgage payments separately? I don't think you can simply pay off your 50% of the mortgage? But surely you should talk about this with your lender and see whether he agrees with this or not?

BTW if you father can also pay the 50% then both of them pay the lender in full. So consult with you father whether he can pay it or not?

Best of luck,
Larry

sweeney · Posted: Sun Jul 20, 2008 2:22 pm Post subject:

If you're concerned about other family members laying claim to that property, I think you should get advice from your attorney. State laws vary when it comes to this.

evolovik26 · Posted: Mon Jul 21, 2008 10:10 pm Post subject:

No one can force you to sell the property however should your father die his wife or whoever inherits might own half of the property should you want to sell it in the future. Check the way the title is held if its tenants in common or right of survivorship. If tenants in common you own 50% if joint with right of survivorship when one person passes the other keeps whole.
Better yet discuss this with your father to avoid any issues later.

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