Legal Question in Real Estate Law in Massachusetts

getting off a mortgage

My husband (before we were married) bought a 2 family house with his mom. The agreement was she would sell her home and move into the 2 family and buy my husband out. We didn't know she had poor credit and can't be on the mortgage without him. So, what are his options to get off the mortgage? He doesnt want to sell the house because it has decreased in value. He can't even get a car loan until his credit is not so sparse.


Asked on 1/05/08, 8:51 pm

1 Answer from Attorneys

Re: getting off a mortgage

The issues involved require much more information than you have provided to give any accurate advice. However, it is unlikely she can buy him out in this credit market or that your husband can do much about getting off the Mortgage.

One solution might be to convert the two-family into a condo and sell one unit to a third party and then rent the property to your mother-in-law.

Good Luck.

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Answered on 1/05/08, 9:19 pm


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