If my daughter-in-law's name is put on the mortgage, is she entitled to anything if I want to sell?
Thank you for stopping by and asking your question. I enjoy sharing my brain with people like yourself.
If your daughter-in-law goes on the mortgage with you, she will no doubt be on the deed as well.
If she is on the deed with you, then she has a legal right to the property and would have to be agreeable to any sale of the property since she would have to sign off at the closing.
The only way I know of to avoid this issue would be if she was to quit claim her interest in the property to you before any sale were to take place.
Please keep in mind I cannot give legal advice and this idea may or may not work in your state. Each state has different laws.
You would have to consult a legal professional on how this may work in your behalf.
If this were to work and she did a quit claim to you, she would still be obligated on the mortgage however.
I hope this helps to answer your question. If you find this website helpful, please do me a HUGE favor and "like" us in your FaceBook account and/or give us a shout out in Twitter. You simply use the button just below, just be sure to be logged into your account when you do this.
According to the FHA lending guidelines, is it possible for escrow to be paid out of packet instead of rolled into the loan? What are the guidelines for a 2nd time home owner? These are answered below…
Would you like some FHA help? Perhaps you are wondering if it is wise to add a significant other to the mortgage? Or why a mortgage company would ask you to go conventional instead of FHA? Find answer…