Legal Question in Real Estate Law in New York

adding a person to a deed

If person 2 is added on to his former sister-in-laws' deed does this automatically add her mortgage amount to the person 2's credit history as an amt he owes? This home has already almost been foreclosed upon once. Will this effect any loans that person 2 might apply for for a business or owning his own home in the future? I believe the amt of the mtg is $285,000. This is very important due to the fact that he will be applying for loan to open a auto repair shop very shortly and eventually buy his own home. Thank you for your assistance in this very important matter.


Asked on 7/04/02, 11:18 am

1 Answer from Attorneys
David Slater David P. Slater, Esq.

Re: adding a person to a deed

Being added to the deed as an owner does not saddle you with payment of the mortgage. The mortgage runs with the property. The promissory note signed by the owner runs against the signor.Although my main office is in Boca Raton, Florida I also practice in NY & have an office in Brooklyn. Call me should you need represenation.

Good luck.

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Answered on 7/04/02, 1:05 pm


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