If I have a equity loan on my house but my child is on the title, do I still receive the balance paid on the lien at the point of sale?
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If I have a equity loan on my house but my child is on the title, do I still receive the balance paid on the lien at the point of sale?
My son and I are on the title oh my first house. I took a small second mortgae on the frst hose ten years ago and I have been paying monthly the whole time. Should I receive the balance paid after the lien has been satisfied at the closing on the first house?
Asked on April 17, 2017 under Real Estate Law, Illinois
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
Being on the title makes your son an owner. An owner of property has the right to his share of the proceeds from the sale, even if he bore less than his share of the costs. By putting your son on the title as a (presumably) 50% owner (e.g. if there are two owners, unless specifically set up otherwise, each has a 50% interest), he is entitled to 50% of the proceeds after paying off the loan and any costs of sale.
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