Legal Question in Real Estate Law in Maryland
Joint tenancy - both names on the mortgage
My son is not married to girlfriend, but they bought house together (living together for maybe 6 months total)- both signatures on the mortgage. She told him to move out - she wants him to pay the mortgage every other month until sold. My son invested no money into property - it was all hers, but he paid for and did all the remodeling for this house. He told her he wasn't interested in any profit from the house that she does or doesn't make on the it, but he is not paying the mortgage because he is no longer living there - just her and her children are living there now. (my son is living and renting elsewhere).
My question - does he need to make any of the mortgage payments? What kind of trouble can he get into, if any, if he doesn't make a mortgage payment on this house?
1 Answer from Attorneys
Re: Joint tenancy - both names on the mortgage
The answer lies in the mortgage documents he signed. It would be a good idea for your son to read through them now. Changing the "names on the mortgage" isn't a simple thing, like changing reservations at a restaurant,it reflects who has agreed to borrow money and who must pay it back. Most likely, both parties are jointly and severably liable for the mortgage, which means that if the loan goes into default, the home will be foreclosed upon and the lender will seek any deficiency left after a forclosure sale from both people who agreed to the loan. Additionally, of course, the forclosure (or any late payments) would affect the credit of any party who agreed to be responsible for the loan.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
