What to do if my wife and I are the guarantors on my son’s mortgage and now he and his wife have stopped making payments and moved out?

After a year they are no longer making house payments.They will not give up ownership of the house. Can my wife and I take ownership of the house and how?

Asked on August 21, 2012 under Real Estate Law, Oklahoma

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

You are in a very precarious situation here and I would speak with an attorney as soon as you can.  You are responsible financially with out any ownership interest.  You should discuss making the payments to keep the loan current then suing them for the funds.  They might then turn over their interest.  You could also offer to buy them out.  Good luck.


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