tenants in common problem

[tedgett]

What is the name of your state?What is the name of your state? pa My mother and brother bought a house together 5 years ago. Now my brother is having financial difficulties and it won't be long before the mortgage payment will be missed. My mother has been making her share on time every month. What will happen if he can not make the payment on time? Also, my mother wrote up the verbal agreement that they split any proceeds after the initial down payment is paid back to my mother and the mortgage paid that it would be split 60/40. Now my brothers wife says that her name needs to be on this document and will not let my brother sign it. Now the only names that are listed on the mortgage, deed and title is my brother and mother. Does she have right to have her name on it? If they do put her name on it will it be legal?
Please help me to help my mother out

 

[Ellerge]

Mtg

How is the house titled?
If your Brother's wife wants to be responsible for paying the mortgage, (along with your Mom and Brother) I'm sure that the mortgage company will arrange it.
Now - as to the Title - your Mother and Brother can "sell" the house to your Brother, your Mother and your Brother's wife. IF the mortgage company will allow it! Usually, a "sell" will trigger an accellaterion clause in the loan documents, meaning that the loan must be paid in full at the time of a "sell". Of course, there will be the usual closing fees of between $400 and $1500.00 which must be paid.
Now, probably the mortgage company has set it up so that every person on the mortgage is responsible for paying the mtg each month. In other words, the mtg co. does not care where the money comes from (as long as it is legal - usually) as long as they get their money! If your Mom pays and your Brother does not, they will come get the house! Those simple words mean that if the mortgage is not paid each month, the mortgage company will (probably) initiate foreclosure proceedings.
If your Sis in Law is concerned that if your Brother dies that she will not get her share of the house, make sure that the house is titled correctly ( TIC ) and then have your Brother execute a certain document. It's called a WILL! See an Attorney and do it right.