Posted on: 17th Jan, 2009 08:14 pm
i bought a house in september 2005 with my brother. i have a 1/3 vested interest and he has a 2/3 interest. we have a first with a 5 year arm $300k and 2nd fixed at $80k. we recently got an appraisal on the house and it came back at $220k. now my brother is walking away from the house and has left me to make the payments. my question is can i refinance without him? i cant afford the current monthly payments but i want to keep the house and keep my credit. but he's walking away from the loan. what are my options? also this the orginal loan and there are no home equity lines of credit.
thank you
thank you
You can refinance without him for sure. That is probablay your best bet if you can qualify on your own. Then he will have no interest in the property any longer.
Will the bank allow this since I can only qualify for a loan for 250K? We originally bought the house for 380K.
If you have a good credit score and income history, you can qualify for the loan. Though the house was originally brought for 380k, you and your brother have paid off some portions of the mortgage since 2005.