Posted on: 24th Jul, 2009 07:33 am
My husband owns a piece of property joint with his brother. They took out a loan against the property in my husbands name only. They want me to sign off on any interest in the property.
What interest do I have if any in the property if it is joint with my husband and his brother?
What liabilty do I have on the loan since it is my husbands name?
What interest do I have if any in the property if it is joint with my husband and his brother?
What liabilty do I have on the loan since it is my husbands name?
After death of your husband, you will be legal owner of his share in the property. In that case you will be answerable for mortgage payment too.
by signing it off, you are withdrawing your rights on it.
by signing it off, you are withdrawing your rights on it.
If I sign off on the property and he pass away what happens to the mortgage and who is responsible for the payment
Also if the loan is in his name only will the mortage co ask me to sign off on the property. This does not make since to me.