Q: My mother-in-law wants me to go on the deed and then refinance the house we rent from her. I would be 1% on the deed.
If this is able to be done - How long do I have to be on the deed before I can do the refinancing? She wants me to be the only one on the refinancing but she will still retain 99% ownership of the house. Is this able to be done? We live in Massachusetts.
A: There is a difference between can you do something or should you do something. If you refinance in your name( even along with her) you will be liable on this entire mortgage yourself to the full extent of it as mortgage notes generally have joint and several liability not based on the percentage of ownership. Why 1% ownership???
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