Posted on: 02nd Mar, 2011 06:01 pm
I live in Tennessee. I purchased a home with my wifes sister who lives with us. My wifes name is only on the deed, which I understand makes her part owner. But her name is not on the loan contract. The only names on the contract are mine and my sister-in-laws'. Is or will my wife ever be legally responsible for paying on the loan.
"Is or will my wife ever be legally responsible for paying on the loan."
No. If she is not on the note, she is not responsible. Tennessee is also not a community property state so there is also no way she could be held liable under community property laws.
As this may be construed as legal advice, I must say that I am not an attorney and you should consult one for your specific situation.
No. If she is not on the note, she is not responsible. Tennessee is also not a community property state so there is also no way she could be held liable under community property laws.
As this may be construed as legal advice, I must say that I am not an attorney and you should consult one for your specific situation.
I live in Tennessee. I purchased a home with my wifes sister who lives with us. My wifes name is only on the deed, which I understand makes her part owner. But her name is not on the loan contract. The only names on the contract are mine and my sister-in-laws'. Is or will my wife ever be legally responsible for paying on the loan. Can you suggest where I might get free legal advise regarding this matter?
Can you suggest where I might get free legal advise regarding this matter?
Hi Stephen!
Welcome to forums!
If your wife's name is not mentioned on the mortgage docs, then she won't be liable for paying off any mortgage dues. The lender won't be able to come after her as she is not on the mortgage docs.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your wife's name is not mentioned on the mortgage docs, then she won't be liable for paying off any mortgage dues. The lender won't be able to come after her as she is not on the mortgage docs.
Feel free to ask if you've further queries.
Sussane