Posted by Michael Morrongiello on March 30, 2000 at 12:18:39:
To remove your Uncles wife from any further liabilty on the loan you will have to either get a formal release from the lender (which may be cumbersome to obtain) or perhaps your Unlce can sell to you and take back a Land contract which then can be sold and converted into immediate cash. He would then use that cash to pay off the other loan and retire that debt.
You would then have only the land contract payment to worry about. This may also give you some peace of mind and be “cleaner” as well. I would have some concerns paying my unemployed Uncle on a land contract instrument and then relying on him to make the mortgage payment. What if he did not make the payment?
To your success,