Posted on: 04th Jun, 2008 03:43 pm
Their parents passed away and left the house to the two boys. My fiance has a loan on the house now and we are getting married and just started a family and want to buy our own house since this one is too small to share. I want to know if he has to get a mortgage on a new house to pay off the loan on this house, or if we can force his brother to take over the loan on this house or force him to buy my fiance out. His brother does not want to sell the house. Please someone help me with some ind of information. I have searched thi for two days now and can't find a solution. thanks. :?:
hi kristenmbjor.
welcome to the forum.
you or your fiancé cannot force his brother to refinance on his name only but you can surely request him to refinance. btw isn't he willing to refinance?
have you shopped for lenders to buy the new home? how much do you need to pay for the present loan? i think if you husband has good credit source of income then he can be able to get the loan to buy the house.
best of luck,
larry
welcome to the forum.
you or your fiancé cannot force his brother to refinance on his name only but you can surely request him to refinance. btw isn't he willing to refinance?
have you shopped for lenders to buy the new home? how much do you need to pay for the present loan? i think if you husband has good credit source of income then he can be able to get the loan to buy the house.
best of luck,
larry
Force is the wrong word. The brother didnt take the loan out did he? Why would he take over the financial obligation for your soon to be spouse? Sounds like your boyfriend is in a pickle. He needs to pay off the loan somehow but he cannot force the brother to sell either?
Maybe he could negotiate a sell of his half to the brother at a discount to persuade himt o help out?
What will happen to the home if you move out? Rental? Wont half of that go to your boyfriend?
Good Luck Hope it works out for you
Brian
Maybe he could negotiate a sell of his half to the brother at a discount to persuade himt o help out?
What will happen to the home if you move out? Rental? Wont half of that go to your boyfriend?
Good Luck Hope it works out for you
Brian
