Legal Question in Wills and Trusts in Michigan
property
a home was left to two people,the home is not paid for what would have to happen for one person to buy the other out,would each person have to pay the dedt,or would they have to just sign off on the dedt and go there seperate ways.
Asked on 8/19/07, 5:23 pm
1 Answer from Attorneys
Sanford Mall, JD, CELA
Mall Malisow & Cooney, PC
Re: property
Typically the lender will not release one of the two parties from the mortgage. Unless there is some arrangement that can be made with lender, the change of ownership will usually be done just like any other change of ownership. The lender will probably want to qualify the individual owner for a new loan and there will be a closing with a new deed being issued in the single owner's name.
Answered on 8/19/07, 5:40 pm
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