Q: A joint mortgage with our daughter & husband: if there's a financial judgment on them is whole home susceptible or 1/4?
In our upcoming retirement, we are considering refinancing our home as a joint mortgage including our daughter and husband. If in the future there is a financial judgment against our daughter or husband, for whatever reason, is the entire home value considered or only their share?
A: There are many other pieces of information we would need to provide a competent response. That said, you would not want to include the daughter and husband on the mortgage. Why would you unless they, too, are going to be co-borrowers? Perhaps you are thinking about putting them on the d-e-e-d and not the mortgage? In this situation, the answer you seek would depend on exact wording of the deed. There are numerous ways for people to "hold" title to real property. You would want to be extremely careful in doing this. I cannot stress this enough. You could put everything at risk if done improperly. You really must speak with a real estate attorney near you about this. There may also be unintended tax consequences involved. The attorney will discuss with you the purposes and reasons for your line of reasoning about including your kinfolk in this situation. This is why it is absolutely essential to speak with the attorney first. The attorney will help you figure out everything.
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