Help Please! Serious Legal advice needed.?

My best friend got several thousand dollars from her Dad when he died, she invested it in a house, however due to credit problems her boy friend co-signed with her and his name is now also on the loan of the home, his health is going down hill, does she need to worry if he has to go into a care center or he dies about his creditors or his children having any claim on the equity they have acquired in the home? Her boyfriend is telling her no, that would never happen and not to worry about it, I am telling her she needs to go to a lawyer. Thanks for any help. Help Please! Serious Legal advice needed.?
As posted above the note is not the main issue: It鈥檚 who on the title, if he is on the title then his half is subject to creditors from medical bills and depending on how title his interest may pass to his children upon his death Help Please! Serious Legal advice needed.?
Needs to seek legal counsel - a new deed can be prepared transferring the property into her name alone and refinance the loan to just her. If husband passes without a will the first 50% of any asset/s goes to his wife, the other 50% to his children/issue. A WILL as a legal document can set forth the disposition of his assets, even a holographic (hand written) will signed by him in front of 2 witnesses that also sign the will can help protect his girlfriend's interest in the home.
If his name is on the deed, then she can be concerned. If he only co-signed for the loan, then its only a potential liability for him, not an asset. Tell her to find the deed and see if he is listed on it. If not, she needn't worry further about the creditors. In terms of the children, even if he is on the deed, its probably written so that whomever survives the other keeps the house. She can check that too. Just have her give you the wording on the deed and repost that and we can tell you what it means.





Good luck
If she has a mortgage in both their names, then the deed to the home must also be in both their names. If the deed IS in both their names than it is a joint asset that creditors can come after. She needs to refinance the home in only her name and have the deed recorded in only her name to protect herself in this situation. The only exception is if she lives in a state where homes are 'creditor proof' such as Florida. In Florida ones home can not have a judgment placed against it unlike bank accounts. Check the laws of your state to see if those laws apply.
Tell her she should speak with a lawyer or a paralegal (they are cheaper)
She needs to go to a lawyer.

revlon