Tough Times for the Family Home
Feb 12th, 2010 by Adrienne Keith
Although it’s been up for a few weeks, this article on MSN Money is still worth reading. It sums up the change in interests from keeping the family home to being free of the family home, and it points out a fact that clients are often surprised by. I’ll cut to the chase: Signing a deed may release your ownership interest in the house, but until the other person refinances, you’re still on the hook for the mortgage. Scroll to the end of the article for some potential ways to handle the family home when you owe as much (or more) than it’s worth.