5 September 2010, 1:02 pm
In 2006, my parents helped me purchase a home in Henderson, NV putting 20% down and a 30 year mortgage-- with both my mom and my name on the loan and title. Fast forward 4 years later, I have moved out and been working in California for the past 2 years, and a tenant moved into our house (with me still paying about $700 to cover the difference). He is moving out at the end of the month, and we are thinking about defaulting the loan. It is not important for my parents to maintain a high credit score (though they have had perfect credit for the past 30 years) because their home is completely paid off. What major ramifications would that mean for us if we were to default? If I were to want to purchase a home with my new husband, I would be able to just have him put the house under his name, and all would be well, right? Thanks for any insight you can give :)... Read More »
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