Legal Question in Real Estate Law in New Hampshire

I purchased a house with my parents a few years back and everything was going good until recently. We had an agreement that I would pay utilities and they would pay the mortgage. I never recieved a letter or phone call from the mortgage company in regars to our status. Recently when I was going back to school I found that they where not paying the mortgage for over a year and the house was close to $40,000 owed. After I confronted my parents they told me everything. Unfortunately now my credit is horrible and I want to get my name off of the mortgage and my parents just did a loan modification, the mortgage company said they have to make 6 consecutive good faith payments before they will think about taking my name off of the mortgage. What is my best option. I still want a relationship with my parents I just want out of what they have gotten me into. Someone told me my best option is to claim bankrupcy?


Asked on 5/12/11, 7:08 am

1 Answer from Attorneys
Bruce L. Dorner Dorner Law Office

The starting point is an examination of the original loan documents, along with the deed and mortgage. I don't know how your parents were able to get a loan modification unless you were not part of the original loan. Signatures of all parties are generally required. I suggest that you need to gather the documents and meet with an attorney to review the entire situation and work toward an agreeable conclusion to this matter.

Read more
Answered on 5/12/11, 8:14 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in New Hampshire