Mortgage Question: Do I Have To Sue My Mom? Answer: Yes.
So, this Mom in Ft Lauderdale was not able to purchase a home. She didn’t have all the credit and income needed to qualify. Solution. Asked her Daughter to help her as co-signer on the mortgage and deed. Sounded like a good deal. What could go wrong?
After one year of helping her Mom with payments as agreed, daughter said, “OK, I’m done. You’re on your own Mom”. Bad new is, the Mom was not able to add to her own income as planned, and also stopped making payments on the home. Daughter is distressed as Mom won’t move out, refinance, or sell property. Now, both Mom and Daughter are on the hook for a possible foreclosure and both credit ratings are also being destroyed.
I’ve seen a similar situation where a daughter moved in to her fathers home. He was taken to a memory care facility, and she refused to make payments, or move out. It was a mess. Note to self: Some kids never grow up.
FYI. In this case, and most cases, the mortgage company really doesn’t care about your arrangements with mom, dad, daughter, sister, whatever. They just wanna get paid. So, yep, the Daughter will need to file a Partition lawsuit against her Mom. Maybe slip a note in her mothers day card, “Mom you need to sell or refinance, or I’ll sue. Love you.”
Check out the story HERE
www.022721.DownHomeTampaBay.com
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