Mortgage question.

[tardiz]

Hi not sure if anyone here would be able to help at all. My husbands parents divorced and as my hubby's little brother was still in school etc my hubby brought his dad out. Now we desperately need our own space so are looking to sell up and all go our own way. The names on the mortgage are my hubby's and his mums (although my hubby pays it) there is 64k left on the mortgage would this e paid off first then the remaining split (house valued at 200k) or would my hubby be liable for it as he 'brought' his dads half.

This is why you should never get financially involved with family.

 

[younglove]

The balance of the mortgage, realtor fees, outstanding property taxes and other closing costs would have to be paid off first from the proceeds of the sale. Your lawyer and the bank should take care of this part.

Any additional money left over would be jointly owned by whoever is on title (your husband and his mom) and it would be up to them to decide how to split this money.

Does that answer your question? If not, feel free to clarify your question and I can try to respond.

Your husband (or his mom) can also talk to their bank representative if you have additional questions.