Tuesday, 2 December 2014

If a father wife and daughter are paying on a mortgage are each obligated to pay their portion equally and does it have to be in writing to ...

Question

If a father wife and daughter are paying on a mortgage are each obligated to pay their portion equally and does it have to be in writing to make it legal?



Answer

Look at your promissory note. Most say the debt is joint and several. Thus each owes 100% of the note. Their realtionship or agreement between themselves, regardless of what it is, does not impact the lender.



No comments:

Post a Comment