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Family Problem |
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Two years ago my husband bought a house with his name on it, along with his son's and daughter-in-law's names. Because his son has not lived up to the verbal agreements they made regarding payment, upkeep, etc., my husband now wants OUT of the deal and wants to unload the house. It was purchased through a "private loan" from the seller. Can we stop paying and force the seller to take it back? Can we force my step son to move out? Can we sell the house even if my step son doesn't want to? Can we force him to sell? They can NOT support the house on their own and my husband says he is done. Should we sign a quit claim deed -- would that absolve our responsibility? Please advise. Thank you very much. |
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If your husband signs over his share of the ownership, that won't take his name off the loan. It will still show up on his credit report as a liability (assuming the mortgage was entered in the public records, which it probably was.)
If the seller "takes back" the property, a foreclosure will show up on your husband's credit record.
I don't see any way to forced the co-owners out of the property. But your husband can force a sale.
That will require legal work and all these questions should be taken to a real estate lawyer anyhow. |
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Edith
Originally published on March 22, 2009 |
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