Posted on: 08th Jan, 2010 09:55 pm
My father wants to transfer his current home over to me. The problem is that my younger brother helped co-signed for the mortgage 7 years ago. So, how do I go about obtaining this home? Do I need to go request for a loan from the bank or can my father just transfer the deed and the remaining debt on the home to me? What about my brother, the co-signer on my father's home?
Your father can sign a quit claim deed and transfer the property to you. If your brother's name is also mentioned on the deed, then he'll also have to sign the deed. I guess his name is on the property deed as he had co-signed for the loan. Once the property is transferred to you, you'll have to refinance the mortgage in your name.
pl specify what type of help your brother has extended in purchase.
for mortgage transfer, you need to refi in your name.
for mortgage transfer, you need to refi in your name.
For Title, sign a quit claim deed. For the mortgage, you will have to refinance.
very well said.i think both your father and brother would cooperate so there would beno problem at all. just few sign-ups and you're all done.