Posted on: 13th Feb, 2010 05:46 pm
My wife is on the title with her father on his condo which only he lives at. She is NOT on the mortgage. If he decides to abandon house is she liable for anything? If so, should we remove her from title first before he abandons it? Thanks
if your wife wish to remove her name from deed, then she have to sign a quit claim deed to her father & remove her name from deed. after that she has not any rights on property.
thanks & regards.
gunz.ijjistaff
thanks & regards.
gunz.ijjistaff
Hi guestuser,
As your wife is not on the mortgage, she will not be held liable if her father defaults on the loan and abandons the property. Her name can appear on the foreclosure summon since her name is on the title and she is a legal owner of the property. But if the house is foreclosed, it will not affect your wife's credit scores.
As your wife is not on the mortgage, she will not be held liable if her father defaults on the loan and abandons the property. Her name can appear on the foreclosure summon since her name is on the title and she is a legal owner of the property. But if the house is foreclosed, it will not affect your wife's credit scores.
