One of 2 answers asked today who is on the note. Only the deceased mother-in-law is on note.
Here is original posting:
This is a follow up to question last week. I asked about quit claim on house with both wife's and brother-in-law's name on deed, although estate actually owns the property since mortgage taken out Sep 2003. House worth $75K, mortgage is $80K, thus no equity worth saving. As posted before, wife took on role of executrix to protect estate but mostly to keep brother-in-law off street, since he has no credit and spotty income. She would grant quit claim deed to him and he would declare bankruptcy (2nd time, 1st time a few years ago) and we'd be off the hook for the mortgage payments. As mentioned in 2nd response, we have considered renting but the property would require a lot of work to meet any potential tenant's standards and we can't maintain property from 45 miles away. Just curious if: 1) this will work and 2) does brother-in-law have to sign quit claim as well?