Owning property with 2 other people

[MShu527]

MICHIGAN-My finace's grandmother passed away earlier this year. She left to his mom 40 acres with 2 houses on it. Everything had to go through probate and is now done. His mom is going to put the property into her name, his name, and his sisters name. We have a problem with that because we live in one of the houses. We hoped to in the future to put a new house and get rid of the one we are in now. However, we are concerned because my finace won't own any property his self. We won't be able to use any as collateral for a loan correct? What if something happens to the other 2 people will we have to worry about our investment? We just don't know what to do????? We plan on going to a lawyer, but until we are able to I am trying to find out whatever I can. Any advice or information on what courses to take or look into we would greatly appreciate it. Thanks so much for your time.

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by MShu527:
MICHIGAN-My finace's grandmother passed away earlier this year. She left to his mom 40 acres with 2 houses on it. Everything had to go through probate and is now done. His mom is going to put the property into her name, his name, and his sisters name. We have a problem with that because we live in one of the houses. We hoped to in the future to put a new house and get rid of the one we are in now. However, we are concerned because my finace won't own any property his self. We won't be able to use any as collateral for a loan correct? What if something happens to the other 2 people will we have to worry about our investment? We just don't know what to do????? We plan on going to a lawyer, but until we are able to I am trying to find out whatever I can. Any advice or information on what courses to take or look into we would greatly appreciate it. Thanks so much for your time.<HR></BLOCKQUOTE>

You are correct in your thinking. Remember that he is not the sole owner.