Posted on: 03rd Dec, 2007 03:18 pm
My fathers girl friend is a on half of his home and he is very ill. There is a loan on his house and from what i understand she is the only one who signed the loan. When my father passes my sister, brother and i will own half the house are we responable for the loan? If it reads she is the one who took it out?
If that is true then, no, you are not responsible for the loan. However her lender still has all rights to their share of the house.
Hi mommyhen20012,
Welcome to this forum.
Your sister, brother and you own half of the property but you three are not on the loan. So it is not your responsibility to pay it out.
Your father's girlfriend is on the loan. So it is her responsibility to pay it back.
Thanks,
Larry
Welcome to this forum.
Your sister, brother and you own half of the property but you three are not on the loan. So it is not your responsibility to pay it out.
Your father's girlfriend is on the loan. So it is her responsibility to pay it back.
Thanks,
Larry
Hello Mommyhen,
If your father's girlfriend is the only person on the loan, then it is her responsibility to pay it off.
But I agree with Eric, that the lender has rights to the entire property as it has a mortgage on it. If there is any problem in making the mortgage payments, you may also lose your share.
If your father's girlfriend is the only person on the loan, then it is her responsibility to pay it off.
But I agree with Eric, that the lender has rights to the entire property as it has a mortgage on it. If there is any problem in making the mortgage payments, you may also lose your share.
eric and jenkin are exactly right if that loan gets forclosed on you ill loose your intrest in the house. You would be best to either have her buy him or you guys (after his death) out of the property to aviod future issues.
I want to clarify if there is equity then you still have a right to your share. The mortgage lender only has a right up to the mortgage amount... nothing more. All the additional equity is split between the owners. Of course it has to be sold for any of it to happen.
The greatest majority of forcluser are sold for what is owed to the bank or less. If the house gets forclosed on don't count on recieving anything back from the bank.