Posted on: 03rd Apr, 2008 09:34 pm
back in '95, my parents deeded their house to my brother, sister, and myself. it is paid for and each of us got a 1/3 share of the property. my brother died in '95 but his name was never taken off of the deed. this year, i would like to tap into the equity of this house and use it as collateral for a loan (hel) from a company. this financial company said that all i need to do is fill out a quit claim deed, since my brother is deceased and have my sister sign on the loan with me. does this make sense?
Hi Npfontanoz,
Welcome to the forums.
Simply by filing out a quitclaim deed, you won't be able to remove your brother's name from the deed. So, what you have to do is, file an affidavit of heirship in order to remove your deceased brother's name from the deed. Then you need to record the affidavit at the County recorder's office in order to make changes to the title.
Know more on whether to file Quitclaim deed or Affidavit of heirship from a previous forum discussion.
Take Care
Welcome to the forums.
Simply by filing out a quitclaim deed, you won't be able to remove your brother's name from the deed. So, what you have to do is, file an affidavit of heirship in order to remove your deceased brother's name from the deed. Then you need to record the affidavit at the County recorder's office in order to make changes to the title.
Know more on whether to file Quitclaim deed or Affidavit of heirship from a previous forum discussion.
Take Care
Hi,
A quitclaim deed won't be appropriate here. You need to use an affidavit of heirship to fulfil your purpose. I feel you're going for a Home Equity Line of Credit. And I hope you're making the right choice.
You may go for a free consultation on the right loan with the lenders in our community and confirm that you've taken the right decision to go for a line of credit.
Just in case you'd like to glance through how a heloc works and get a fair idea of it, take a look at the page on Tapping your equity with a Heloc .
Good luck
A quitclaim deed won't be appropriate here. You need to use an affidavit of heirship to fulfil your purpose. I feel you're going for a Home Equity Line of Credit. And I hope you're making the right choice.
You may go for a free consultation on the right loan with the lenders in our community and confirm that you've taken the right decision to go for a line of credit.
Just in case you'd like to glance through how a heloc works and get a fair idea of it, take a look at the page on Tapping your equity with a Heloc .
Good luck