What is the name of your state? Flordia
I loaned my son the down payment for his house ($26,000/5years/at 2%). He has had the house for 18 months and is now in danger of not being able to make the mortgage payments. I am not on the mortgage but we are on the deed together as JTWROS. Right now I have more equity in the house that he does.
Will the mortgage holder look to me for payment if my son defaults?
If the bank forcloses on the property, where do I stand in line for repayment?
Should I file a lien on the property now?
What are my options with the mortgage holder?
Can I sell the house without my son's signature?
What leverage do I have to force my son to sell the house?
Can I force my son to move out so that I can rent the property to a third party?
I loaned my son the down payment for his house ($26,000/5years/at 2%). He has had the house for 18 months and is now in danger of not being able to make the mortgage payments. I am not on the mortgage but we are on the deed together as JTWROS. Right now I have more equity in the house that he does.
Will the mortgage holder look to me for payment if my son defaults?
If the bank forcloses on the property, where do I stand in line for repayment?
Should I file a lien on the property now?
What are my options with the mortgage holder?
Can I sell the house without my son's signature?
What leverage do I have to force my son to sell the house?
Can I force my son to move out so that I can rent the property to a third party?