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If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.

If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.

If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.

If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.

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What should be included in a contract when buying a house with a friend?

When buying a house with a friend, the contract should include details such as the ownership percentage of each party, how expenses will be shared, how decisions will be made, what happens if one party wants to sell, and how disputes will be resolved. It's important to clearly outline these terms to avoid misunderstandings in the future.


If your parents bought a house in their names because your credit could not secure a loan can your wife and you later refinance in your names only?

You would have to 'buy' the house from your parents, but if you can qualify for a loan, there shouldn't be a problem.


How can one sell their house and avoid paying realtor fees?

A homeowner can sell their house on their own without a realtor to avoid paying realtor fees. The seller would be a private seller. Another way is to negotiate with the buyer to pay for realtor fees.


What are the benefits and drawbacks of living in your parents' house rent-free?

Living in your parents' house rent-free can provide financial stability and support, as you can save money for the future. However, it may limit your independence and personal growth, as you may rely on your parents for housing and expenses.


What happens to the mortgage if a house does not sell and you lose home owners insurance?

You still owe the mortgage. And you must continue to maintain the homeowners insurance. If not, the lender who holds the mortgage has the right to place "forced coverage" on the property at great expense to you. When they add "forced coverage" they simply increase your mortgage payment to adjust for the difference. And of course you must make each payment in full in order to remain current on the loan and avoid damaged credit or foreclosure.

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