Brak43 Posted August 31, 2007 Report Share Posted August 31, 2007 Short version, I have been in a series of part-time jobs over the last two years because of my wife's illness. I have made enough to pay the basics but have been having trouble keeping up on a loan and a CC.August was a disaster of a financial month and it looks like I may be getting sued for the balance on one of these.For the last 20 years, my family has lived in a home owned by my mother. We had regularly paid rent up until my wife's illness two years ago. She has not taken rent since then.If I am sued, is there any way they can go after the house? Neither my wife's nor my name is on anything related to it (tax records, etc.). It is strictly a rental, but I was concerned that there might be some way to bring my Mom into it.Thanks in advance. Link to comment Share on other sites More sharing options...
txtrouble Posted August 31, 2007 Report Share Posted August 31, 2007 Brak43, the house would be untouchable. You don't own it, have no interest in it, so there wouldn't be a way for a creditor to try to get someone else's property to satisfy your debt. I assume that your mother is not a cosigner or anything on the credit cards or the loan? Even then, some states don't allow your home to be touched, not sure about NY though. But if your mom didn't cosign, her house should be in the clear. Link to comment Share on other sites More sharing options...
Brak43 Posted September 3, 2007 Author Report Share Posted September 3, 2007 No, my Mom did not cosign on the loan. I probably should be clear that this is a second home that she owns, not her primary home. Still, we have no name what-so-ever in it other than living here for the last 20+ years. I would assume length of rental would not change things. Link to comment Share on other sites More sharing options...
Amerikaner83 Posted September 4, 2007 Report Share Posted September 4, 2007 If it's not your home, I would agree with txtrouble - they can't touch it. Link to comment Share on other sites More sharing options...
txtrouble Posted September 4, 2007 Report Share Posted September 4, 2007 No, my Mom did not cosign on the loan. I probably should be clear that this is a second home that she owns, not her primary home. Still, we have no name what-so-ever in it other than living here for the last 20+ years. I would assume length of rental would not change things.Your assumption is correct, you can be there all your life and if its a rental, its a rental. As far as anybody else is concerned, Joe Landlord owns it. In certain states too, the house is untouchable anyway, Texas being one of them. I assume you mentioned this being her second home to make the point that in some states, your primary residence is protected (homestead) but not a vacation home. But in your case, since your Mom owns the property, its your debt and not your mom's, and you have no interest in it, it could be your moms 5th home, it wouldn't matter. Your mom's home should be fine given what you've said. Link to comment Share on other sites More sharing options...
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