Posted on: 18th Mar, 2010 10:46 am
my brother and i have a mortgage together. we are both unmarried, this was the main reason we co-signed together.
he has now come on hard times, (he is a candidate for lung transplant)... he has no job for the past year and a half. he never lived on the property that we have a mortgage together. this property is my primary residence. i tried to refinance by myself, but i/we owe more than the house is worth due to the economy crashing and i don't have any extra 30,000 to refinance on my own (i have a home equity also)
is a simple assumption an option, or is there any other option to remove him from the mortgage loan, title and deed?
time is of the essence! he is being sued by many credit card companies due to his deliquency of payments.
i have excellent credit and don't want to lose my home.
he has now come on hard times, (he is a candidate for lung transplant)... he has no job for the past year and a half. he never lived on the property that we have a mortgage together. this property is my primary residence. i tried to refinance by myself, but i/we owe more than the house is worth due to the economy crashing and i don't have any extra 30,000 to refinance on my own (i have a home equity also)
is a simple assumption an option, or is there any other option to remove him from the mortgage loan, title and deed?
time is of the essence! he is being sued by many credit card companies due to his deliquency of payments.
i have excellent credit and don't want to lose my home.
You can ask your brother to sign a quit claim deed and remove his name from the property. However, as the creditors are suing him, removing his name from the property deed now can be considered as a fraud and creditors may take punitive actions against him.
As far as the loan is concerned, you can check out the option of novation. If the lender agrees to it, then you may remove your brother's name from the mortgage with the help of this process.
As far as the loan is concerned, you can check out the option of novation. If the lender agrees to it, then you may remove your brother's name from the mortgage with the help of this process.