It seems like they want to go with signing over the home and assuming payments at his interest rate and all.
It seems like he will just be disjoint from all "landlord" responsibilites, he won't have the home in his name, and we would keep paying the mortgage via the Renters.
Yeah, sorry for the lack of details but I don't have many; also I have yet to purchase my own home. I hope to do that in one or two years max.
We just bought a new car and I had a mildly difficult time controlling my wife emotions; glad that is over with...
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So back to the house - I just wonder what happens if the house is problematic with mold or something god awful. Then will I be apart of some legal action?
Also what happens if the home is, maybe, condemned for some natural disaster or what-not. Then we will have to keep paying the Mortgage without Renter assistance.
Also, one of my wife siblings is a financially instable single mom, this would be my sister-in-law. What happens if she can't pay for the upkeep or her future share of the Mortgage should we all have to pay?
The ideas is that the home would be kept as a retirement place for my Father-in-law should he lose his mind and not take care of himself...
Or any poor soul that is in our family that wants/needs a place to stay (rent).
I've seen family burn one another on these "Let me rent your house" deals.
Anyhow, any advice, suggestions, information shared would be helpful. - Thanks.
Without knowing the specifics of the deal and actually looking at the paperwork, there is no good way to get a solid answer to your question.
And, the other response that you have gotten about all real estate laws differing from state to state is true, also.
Generally speaking, as the spouse you would be liable for the debt and property as well.
Money can tear up the closest of families. Make sure you get sound legal advice on this deal before your wife does anything.
The way you describe the situation, it sounds very precarious.
He should sell the rental property if he doesn't wish to be a landlord anymore.
Do not go into business with your wife's siblings and that is exactly what you would be doing. Don't go there!
That gut feeling you have..... yeah, the one that led you to post this thread is trying to save your life, your marriage and your finances. Listen to it. Put your foot down, just say no, then duck and cover.