More details to this question:
Daughter and son in law are on the deed to our house. They moved out and stopped paying their share of the mortgage payment. Now they want me to buy them out for $100,000. They have only payed approximately $15,000 of the principal. There is still $166,000 owed on the principle. Can they do this?
1 ANSWER
Bankruptcy Law Attorney serving Knoxville, TN
at
William E. Maddox, Jr. LLC, Attorney at Law
Update Your Profile
It is likley they can do that. Since they are on the deed, I presume it gives all parties equal shares of the home. If the home were worth $100,000, then you, your spouse, your daughter, and your son-in-law each have 1/4 equity interest, $25,000. If your home is worth $200,000, then it is $50,000.00. I suggest contacting an attorney in your state to verify.
Answered on Sep 09th, 2021 at 1:19 PM