Joint Tenancy question

[Paulha]

About a year ago, my brother took out a mortgage on my mother's house (she put it in his name, so it is legally his). He can now no longer pay for it on his own, so I proposed to pay for half of everything associated with the house, but I want my name on the deed making me half owner.

I have no idea how to go about this but I want a number of things to be true before I do it. The most prominant being that in the case of the loan defaulting, I do NOT in any way want to be held liable for the mortgage. The mortgage is in his name and it will stay that way.

So I guess what Im asking is it possible for me to get half ownership of the house, but not having to worry about my good credit getting ruined or any other legal action if the loan is defaulted on? The house resides in Ohio.

Thanks.

 

[HomeGuru]

Yes it is possible for you to hold title and not be on the mortgage.
But you will have a false sense of security. Reason being, if brother defaults on the loan, the mortgage lender will file foreclosure on the property and against him as the borrower and you and him as the property owners. Remember that brother already pledged the property as collateral for the mortgage. If he deeds partial ownership interest in the property to you, you will have interest in the property subject to the mortgage.

 

[Paulha]

Im aware of that. Im more concerned with me putting money in the house and my brother tries to screw me once the house is sold.

Thanks for your answer.

 

[HomeGuru]

Good luck.