Re: personal real estate problem - Posted by Nate
Posted by Nate on March 18, 2001 at 13:18:30:
Besides, if you buy advance purchase you can go cross country on Greyhound for like $100. Not too difficult to get back home.
NT
Re: need help with personal real estate - Posted by Nate
Posted by Nate on March 18, 2001 at 13:13:24:
Remye,
I would add that it’s also her father’s credit worthiness on the line, so she needs to pay attention to that, too.
Since he cosigned the mortgage, I am sure that the three of you (you, her, and her dad) have what is known as “joint and several liability” for the mortgage. What that means in English is basically that any one of the three of you, or all three, can be held liable for payment of the full amount of the mortgage.
What this means functionally is that if you and/or her stop paying the mortgage, the lender has every legal right to force her father to pay the full amount himself. They can foreclose on the house and this will go on all three of your credit reports. Even though he is not living in the house, he is as much at risk as you and she are.
Good luck sorting this out,
Nate