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09-28-2005, 05:20 PM
| | Junior Member | | Join Date: Sep 2005
Posts: 1
| |  Quit claim? but I'm still on the loan
What is the name of your state? California
I have a rather complicated situation, and I'm not sure how to proceed. My brother and I own a house together. I wanted to be bought out so we decided to refinance, and I would take the cash from the refinance. He wants me to remove myself from the deed and he'd pay off the mortgage by himself. The problem is my name is on the loan. The only way we could refinance is with both our names. I don't want to give him all the interest, if my name is still on the loan. If something happens, and he can't pay the mortgage, they will come after me. On the other hand, if my name is still on the deed, I still have rights to the property even though he bought me out. What do we do in this situation? Is there a contract we can sign that will alleviate this problem? Please help!
Thanks! |
09-28-2005, 05:22 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote: |
Originally Posted by lulamae80 What is the name of your state? California
I have a rather complicated situation, and I'm not sure how to proceed. My brother and I own a house together. I wanted to be bought out so we decided to refinance, and I would take the cash from the refinance. He wants me to remove myself from the deed and he'd pay off the mortgage by himself. The problem is my name is on the loan. The only way we could refinance is with both our names. I don't want to give him all the interest, if my name is still on the loan. If something happens, and he can't pay the mortgage, they will come after me. On the other hand, if my name is still on the deed, I still have rights to the property even though he bought me out. What do we do in this situation? Is there a contract we can sign that will alleviate this problem? Please help!
Thanks! | **A: your situation is not compicated at all. It is all or nothing. He needs to refinance in his own name. |
09-30-2005, 08:51 AM
| | Senior Member | | Join Date: Jan 2003
Posts: 17,471
| | Quote: |
Originally Posted by HomeGuru **A: your situation is not compicated at all. It is all or nothing. He needs to refinance in his own name. | And if he can't, he needs to agree to sell, or you file a partition action. ONLY the lender can release you from responsiblity for the mortgage, no side agreement with brother can do that.
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09-30-2005, 10:00 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | | thanks for adding**************. | |
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