My partner and I are buying a house together. The mortgage will be under my name her name will be on the

Cool
Other/Just Looking
Devens, MA

deed too with her owning 1/3 of the house. What happens if she has credit problems? Can her bank come after the 1/3 of the house?

Answers (6)
Adam Bailey
Agent
02171

Her credit shouldn't effect you unless she declares bankruptcy but you should always consult an attorney. If you hold the property in a Trust now one should be able to touch the property except your orginal lender if you stop paying the mortgage.

Tue Jun 16 2009, 19:46
TerritoryRE
Agent
Massachusetts

An attorney is best suited to answer this question because it really depends on how you take the property. Every situation is different and every State is different.

Thu May 7 2009, 11:49
Larry Riggs
Agent
Frederick, MD

It depends on how you take title to the property for one. Another point is that your lender may not allow someone who is not on the loan and not related to be on the deed. I suggest you share your plans with your loan officer. For your own protection you should have an agreement drawn up by an attorney between the two of you. If your partner has equitable title to the home then creditors can go after their assets to collect a debt. As I said, check with your lender and attorney and I would still be very careful

Wed May 6 2009, 14:58
Dp2
Other/Just Looking
Virginia

Definitely contact an asset protection attorney--before you do ANYTHING else. S/he will be able to help you set up an entity and create a strategy to protect that asset.

Wed May 6 2009, 14:33
Betsy Lovell Bl...
Agent
48108

Call an attorney in your state.

Wed May 6 2009, 14:25
Mary Ann Lipsey
Agent
Spring, TX
FIRST ANSWER

depends on the laws in your state

Wed May 6 2009, 14:23

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Answered Fri Oct 24 2008, 13:46 by TerritoryRE in 02476
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