By Admin on Jul 24, 2009 in Renting & Real Estate
M.G. asked:
My sister has a house with her name only on the title and a home equity loan with a line of credit. Now, she wants to add myself and my brother to the title only and it will be a Joint Tenancy Title. My brother feels that if I am listed on the title that it will cause the loan to be called due because I am unemployed? Is that right? M.G.
My sister has a house with her name only on the title and a home equity loan with a line of credit. Now, she wants to add myself and my brother to the title only and it will be a Joint Tenancy Title. My brother feels that if I am listed on the title that it will cause the loan to be called due because I am unemployed? Is that right? M.G.
it is possible; instead, have her write a contract with you and or
anyone else she wants on the deed, so that, when the loan is
paid off, your names go on the deed automatically.
IN the mean time, you could have an equitable interest without
sharing the loan risks.
kemperk | Jul 25, 2009 | Reply
answer depends on state law and the wording in the home equity line contract.
of course, your sister could always call the bank about the home equity line and ask.
Spock (rhp) | Jul 29, 2009 | Reply
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Mrs.Heidi | Jul 30, 2009 | Reply
One has nothing to do with the other. The title can be changed to a joint tenancy with all names but it does not effect the loan. The loan will not be called due.
hollywoodmelody | Aug 1, 2009 | Reply
If the loan is called, it will NOT be because you are unemployed. It will be because there is a “due on sale” clause in your loan contract. Read it and see.
Note that even if there is such a clause, it does not necessarily mean the lender will enforce it. The lender probably won’t care as long as the payments are still being made. But if you want to know for sure, you should contact the lender and obtain a waiver.
Note also that your sister will still legally be responsible for 100% of the payments. Adding two other persons to the deed does not mean she is legally required to pay only 1/3.
Mr Placid | Aug 3, 2009 | Reply
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Mrsjennifer Lunn | Aug 4, 2009 | Reply
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Anthony | Aug 9, 2009 | Reply