Posted on: 28th Jul, 2008 05:43 pm
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?
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.
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.
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
Good Luck,
Kim
