Legal Question in Real Estate Law in Pennsylvania
My mother passed away leaving her house to her 6 children. One of them wants to buy the house but has terrible credit. If his wife can get a mortgage, can the mortgage be in her name only but the house be in both names?
2 Answers from Attorneys
There is no legal reason it couldn't be. You just have to find a lender that understands this.
This is a common situation and mortgage companies are familiar with it. The mortgage company would have to agree to the situation, which is not necessarily a given. If they did agree, they would probably require assurances from the other spouse, agreeing the the mortgage is superior to any other claims on the property, possibly seeking other indemnifications, etc. They would have to be careful when dealing with property taxes and tax deductions, and their ownership status can change some things.
Regards,
Michael J. Duffy
Duffy Law, LLC
1-888-414-5773
www.mduffylaw.com
1500 Market Street
12th Floor, East Tower
Philadelphia, Pennsylvania 19102
52 Berlin Rd.
Suite 3000
Cherry Hill, NJ 08034
Please note: The information provided here is for general informational purposes only and should not be construed as legal advice or legal opinion on specific facts or circumstances. You should consult an experienced attorney concerning your particular factual situation and any specific legal questions you may have. No attorney-client relationship is created merely through the exchange of information via this web site. Michael J. Duffy will not undertake representation of a client without the client first signing a written retainer and representation agreement.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
