Posted on: 09th Sep, 2009 07:31 pm
my father has a rental property in mine and his name. he also took an equity line of credit in my name, money troubles haven since come into play and i am worried that this will adversely affect me as i was in the beginning but at that time had no choice. i want to quit claim deed to my brother and exchange the equity line and my 1/2 of mortgage to him, however he is 21 and does not have much credit. do you think this is possible or am i stuck with this by myself?
Please check with some of the attorneys on this forum
hi guest!
welcome to forums!
it won't be a problem for you to quitclaim the property to your brother. however, it would be difficult for your brother to refinance the property if he doesn't has a good credit score. as far as novation is concerned, most lenders do not offer this to the borrowers. if he is unable to refinance the loan or go for a novation, then you would still remain liable for the mortgage dues.
feel free to ask if you've further queries.
sussane
welcome to forums!
it won't be a problem for you to quitclaim the property to your brother. however, it would be difficult for your brother to refinance the property if he doesn't has a good credit score. as far as novation is concerned, most lenders do not offer this to the borrowers. if he is unable to refinance the loan or go for a novation, then you would still remain liable for the mortgage dues.
feel free to ask if you've further queries.
sussane
well it may not be a problem to quit claim your interest in the property to your brother, but it won't solve the underlying problem. i agree with sussane that novation is overrated and pretty sparse. your brother's ability to obtain financing with little credit is negligible, and that's not even taking into account what the credit score may be, what his income and debt load are.
are you stuck with it? it seems so.
are you stuck with it? it seems so.
