Legal Question in Real Estate Law in Alaska

Selling of Home as Co-Signer

My husband and I co-signed for a house for my daughter and her husband. After 4 years they picked up, moved into his grandmother's vacant house and left leaving us with the mortgage. Later we found out they declared bankruptcy and the house was included. My husband and I did not want a bad credit record at our age. For 5 years we rented the house to help pay for the mortgage. We decided this year to sell the house. We have gotten an offer on the house and my son-in-law feels it is unfair to split the profit 50% %50%. He doesn't think it was fair that they paid their own money for four years and we had renters helping with the mortgage expense. We are trying to get across to him that if the house had gone under the bankruptcy, they would not have received anything. By us keeping the house payment paid, this is providing more equity in the house. How can I get my son-in-law to understand this concept. This has caused problems in our relationship with my daughter in the past and I do not want to go through that again. Thank you.


Asked on 2/21/03, 10:56 am

1 Answer from Attorneys
Benjamin Laves Benjamin S. Laves, Esq.

Re: Selling of Home as Co-Signer

This is less a question regarding legal rights and responsibilites than one that may benefit more from the intervention of a family counselor or even a mediator. In order to properly and fully evaluate your legal entitlements in this situation much more information would be required. I suggest you retain the services of a local attorney to advise and assist you before you list the house for sale.

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Answered on 2/21/03, 11:25 am


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