June 16, 2016
A reader asked us a question in the comments section recently about legal issues. “My husband and I assumed my father in laws mortgage back in 2013 with him as a non occupant co-borrower. We have never seen the title and hes withholding it from us. Is this legal for him to do? Also, if our name appears on the tax bill, Does that mean we are listed on the title as well?”
There are many things that can affect the answer to questions like these. State law is a big one. Laws vary from state to state as to the nature of certain aspects of home loans, ownership, etc. Another factor is the type of home loan the borrower has. Is this reader’s question about an FHA mortgage, conventional loan, or VA mortgage?
It is not within the scope of this blog to dispense legal advice beyond the encouragement to seek a lawyer with experience in real estate law, so we cannot comment as to the legality of the situation in question. However, one thing we can recommend is that in cases like these, one of the first calls that should be made is to the lender to see what might be possible.
Calling the lender should clear up at least some questions when there is a dispute over technical issues related to the mortgage, ownership of the property, etc. In cases where the answers aren’t clear, legal counsel may be appropriate.
In some cases state law may dictate how recourse is to be sought or administered, in others it may simply be a question of what has been agreed to in writing as part of the loan contract.
But no matter what, borrowers with questions should discuss their needs with the lender as soon as possible where appropriate, or a legal expert. Don’t delay your action on an issue such as the one described in this reader question; the sooner you know your rights and responsibilities the faster you can get to a potential resolution of the issue.
Do you work in residential real estate? You should know about the free tool offered by FHA.com. It is designed especially for real estate websites; a widget that displays FHA loan limits for the counties serviced by those sites. It is simple to spend a few seconds customizing the state, counties, and widget size for the tool; you can copy the code and paste it into your website with ease. Get yours today:
http://www.fha.com/fha_loan_limits_widget
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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