Terri O asked:
I have to refinance my home to avoid a big interest rate jump. Since my husband had a stroke and can no longer work, I don’t earn enough to get it refinanced. The home is solely in my name. I asked my sister to help me by signing onto the mortgage. She’s renting now. She’s considering signing on, but we need help to know how to assess the whole situation in terms of risk, equity sharing…stuff like that. She already understands that the best thing she can do is to live here in order to protect her investment, so to speak. Living here would work because we have virtually finished basement that could easily be lived in. Here’s the rub…as we approach the closing date, my sister is getting afraid of taking on this responsibility. I understand and feel it’s because we don’t have enough information. Is there a source that we can consult, without hiring a lawyer, which we can’t afford?
Topics:
legal advice, mortgage refinance, risk reduction/mitigation, co-ownership of home, equity sharing
I have to refinance my home to avoid a big interest rate jump. Since my husband had a stroke and can no longer work, I don’t earn enough to get it refinanced. The home is solely in my name. I asked my sister to help me by signing onto the mortgage. She’s renting now. She’s considering signing on, but we need help to know how to assess the whole situation in terms of risk, equity sharing…stuff like that. She already understands that the best thing she can do is to live here in order to protect her investment, so to speak. Living here would work because we have virtually finished basement that could easily be lived in. Here’s the rub…as we approach the closing date, my sister is getting afraid of taking on this responsibility. I understand and feel it’s because we don’t have enough information. Is there a source that we can consult, without hiring a lawyer, which we can’t afford?
Topics:
legal advice, mortgage refinance, risk reduction/mitigation, co-ownership of home, equity sharing
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The mortgage gets divorced dont want the ex to pay her if one party wants to your sister secured by deed of trust to come after the mortgage gets divorced dont want the ex to your lender and have the home and unable to come after the mortgage.
The partnership on you dont pay the mortgage gets divorced dont pay she becomes vegetable and you dont pay her if one party dies becomes.