Posted on: 16th Aug, 2008 06:09 pm
A few years back, my brother in law asked us if we would like to go buy his house and turn it into a rental, because he wanted to move into a bigger home. We agreed it would be a good business to go into with his brother, but it's not going very well. My husband and I had to put the house in our names because my brother in law didn't have very good credit for a low interest rate. So, the mortgage is in my husband and my names, but we left my brother in laws name on the deed. We are now incurring lots of debt because our renters aren't paying and the house needs some repairs. Is my brother in law liable to pay anything? If he isn't, what's the point of leaving him on the deed?
Welcome lpattonomsc
You brother in law is only liable to pay share of property tax as he is on the deed. When you bought the property from your brother in law why is he still on the deed of the property?
As he is not on the mortgage he is not liable to make the mortgage payments. Let me know if you have any further queries.
You brother in law is only liable to pay share of property tax as he is on the deed. When you bought the property from your brother in law why is he still on the deed of the property?
As he is not on the mortgage he is not liable to make the mortgage payments. Let me know if you have any further queries.