Legal Question in Real Estate Law in New Jersey

Hi, I own a house. Now, I want to add my cousin, who also lives with me in the same house, as a co-owner of the house. Since he doesn't have very good credit, I'll keep the mortgage as it is. In other words, I'll take the 100% responsibility of the mortgage.

Is there a way to do this?

What kind of paperworks I need to complete?

If you can do the paperworks for me, how much that will cost?

THank You

Saiful


Asked on 4/12/10, 8:26 am

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

If you sell or give away an interest in the property, your mortgage company can declare the mortgage in default and foreclose. If you give away half of the house, you will be liable for any gift tax of the excess of the value of the house over the annual maximum amount of gifts to individuals. Why would you want to do such a thing? � See also: http://info.corbettlaw.net/lawguru.htm

Read more
Answered on 4/18/10, 7:26 pm


Related Questions & Answers

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