We refinanced home and bought condo for child who pays us monthly. It is in her name only. ?

Question

How can we be protected and make the mortgage payments if she cannot pay us for any reason ? Suggestions appreciated.

Answer 1

protected?  it's NOT!!!!!!!!!! your condo.  You made the mistake of putting it into her name.  She is 100% the owner of the property.

I would recommend that you track the mortgage payments online at the mortgage site.  This way, you can see when the payments are being made.

Answer 2

When you put the condo in her name only you lost any rights to it under the law. If you had her sign a loan agreement with you (which you probably did not) than you would have something. I hope you have a really good relationship with her.

As far as you question goes... there is insurance you or she can pay for that will cover mortgage payments. Get term insurance if she were to pass away unexpectedly (auto accident). If she were to lose her job insurance or be injured and could not work, that type if insurance is usually offered by the mortgage company or by someone they work with. I received several offers by mail to get both these types of insurance when I bought my house.

Get your name on that title or a contract otherwise you have nothing!!!!

Answer 3

It's ok.  You don't need to do anything.  You trusted her before.  She could sign a Warranty Deed back to you today.  $10 at the Recorders Office.

Answer 4

Did you give her a Quit Claim Deed after closing or were you just co-signers & not co-borrowers?  It sounds like you are making the payment anyway with the money she gives you.  If she stops giving you the payment, it still needs to be made. You really need to have a talk with her & then contact a lawyer.  You need to be on the deed to protect your interest.

Answer 5

You should get some type of legal help.  If she doesn't pay you, that's not going to be an excuse for you to give to your mortgage company.  She could technically sell the condo, keep the cash and leave you high and dry.