Legal Question in Real Estate Law in Massachusetts
Personal Liability
I would like to co-sign a mortgage for property that will be solely in my son's name. I have been told that if my name is on the deed as well as the mortgage that should he be personally sued for any reason, not only my interest in the house can be litigated for but also any other property and investments I have that have nothing to do with my son can be attached or sued for. If this is true, if my name is only on the mortgage, does the same hold true? Is there a way I can help my son purchase a home (short of giving him the money) without jeopardizing any of my investments outside of that purchase?
1 Answer from Attorneys
Re: Personal Liability
In a word, ... there is only a narrow set of circumstances under which you assume legal liability for your son's action / inaction by having your name is on the deed. Call for details! I'd rather tell you on the telephone.
(If you call, remind me of what you said and then what I said!)
Though the exposure is small, co-signing the mortgage is much smaller.
There are other considerations to having your name on the deed which you should discuss with a lawyer anyway.
Yes, there are other ways to help your son get the mortgage without giving him the money, also something you would discuss with a lawyer who understands "entities" and real estate trusts.
My telephone number is (617)527-0050. I have a toll-free number if you need that instead, just send me e-mail to request it.
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