Posted by William Bronchick on August 16, 2005 at 08:15:53:
No, if she is not on the mortgage note, it will not affect her credit.
2 on the title, 1 is gone what can the other do? - Posted by Sergio
Posted by Sergio on August 15, 2005 at 18:02:52:
My sister in law is in the title of a house in Las Vegas. Her ex-boyfriend is the other person on the title. He is gone (cannot be found) and left the house abandon. She is not on the mortgage though the morgage payments are behind by 6 months. She wants to get rid of the house, is there a legal way to do it? The mortgage is about $150K and the house is worth $300K.
Any ideas? or advice?
Thanks
Re: 2 on the title - Posted by William Bronchick
Posted by William Bronchick on August 15, 2005 at 21:11:30:
Without the legal owner, she has no legal authority to transfer his half
of the title. If she is not on the mortgage loan, she has no liability.
However, if she
(or anyone else) does not make the payments, the house will go to
foreclosure.
Re: 2 on the title - Posted by Sergio
Posted by Sergio on August 16, 2005 at 07:34:12:
William:
Thank you for your response. One f/up question. If the house goes into foreclosure, does her credit history get affected eventhough she is not on the mortgage?
Thanks again.
Re: 2 on the title - Posted by John Merchant
Posted by John Merchant on August 16, 2005 at 11:17:24:
While I agree that she has no liability, or obligation to make the mtg payments, if she does so for any length of time, she might develop enough “semi” equity to make an ownership claim based on whatever she does pay down on the mtg. or improve the RE…maybe not full or total ownership, but enough to make it worth her while to stay there and take care of the property.
There is a legal theory that’s recognized in most states-Quantum Meruit-to the effect that a person in her position has some rights to the property based on what she actually does with, and money she spends on the property…and likewise, the guy who left shouldn’t be benefited by what she does to take care of his obligations and debts.
Eventually she or somebody would have to obtain a Judgment to clear the title and totally define her rights, but I’d say no big hurry and if she were to sell on long term L/O she might take several years of profits before any legal action would have to be filed.
In fact, she might lease it for lots of years and NEVER have to perfect a claim for full title so long as the mtg payments are made and the mtg is otherwise complied with.
And she could sell her “interest” so long as she openly disclosed what her ownership interest really is/isn’t to prospective buyers, so she could in effect pass along her legal situation, just as is, to a buyer.