Posted on: 28th Sep, 2008 10:19 am
myself and my husband and two sons are in on the deeds we have 35 per cent each and they have 15per cent each if one of the sons refused to pay his share of the mortage can we remore him from the deeds or how do we go about it.
Hi anncallaghan!
Welcome to Forums!
Yes, you can definitely remove his name from the deed by asking him to sign a quitclaim deed and give away his interests in the property. However, after that, you all will have to pay his share of mortgage payments.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
Yes, you can definitely remove his name from the deed by asking him to sign a quitclaim deed and give away his interests in the property. However, after that, you all will have to pay his share of mortgage payments.
Feel free to ask if you have further queries.
Sussane
Hi anncallaghan!
Apart from the quitclaim deed, if your son is also a co-owner of the property, you will also have the option of buying out co-owner. In this process, you will have to offer some money to the co-borrower, which will be equivalent to his or her share in the property and that person can leave all his interest in the property.
Thanks,
Jerry
Apart from the quitclaim deed, if your son is also a co-owner of the property, you will also have the option of buying out co-owner. In this process, you will have to offer some money to the co-borrower, which will be equivalent to his or her share in the property and that person can leave all his interest in the property.
Thanks,
Jerry
indeed, you can negotiate with your son to determine how to settle up his share of the property. truly, you ought to pay him fair market value for his share, less any monies you claim he should have paid on the mortgage but neglected to do so.
a better solution would be to work out the situation without additional family conflict. i hope you will be able to do that.
a better solution would be to work out the situation without additional family conflict. i hope you will be able to do that.
