Posted on: 13th Jun, 2007 05:58 pm
I have 2 brothers that own a house. Both are on the loan and deed. Because of personal reasons we want to take one of them off the deed and the loan. What is the best way to handle this?
KO
KO
hi kathy,
welcome to mortgagefit discussion board.
you cannot take him off property title by yourself. as the person is on the title he will have to transfer his interest in property over to you. if however the person is willing to give up ownership then a quit claim deed can be used for title transfer.
but you need to tell how it is. is the person willing to transfer his share of interest in the house or is it that you want to know if there is some procedure by which he can be removed from the loan as well title even if he does not agree to it?
if it is that you are looking for information and the actual person has not agreed then it is not possible for you to remove him by your sole decision. he has to agree to give up his property rights and sign on property transfer documents.
thanks
blue
welcome to mortgagefit discussion board.
you cannot take him off property title by yourself. as the person is on the title he will have to transfer his interest in property over to you. if however the person is willing to give up ownership then a quit claim deed can be used for title transfer.
but you need to tell how it is. is the person willing to transfer his share of interest in the house or is it that you want to know if there is some procedure by which he can be removed from the loan as well title even if he does not agree to it?
if it is that you are looking for information and the actual person has not agreed then it is not possible for you to remove him by your sole decision. he has to agree to give up his property rights and sign on property transfer documents.
thanks
blue
"I have 2 brothers that own a house. Both are on the loan and deed. Because of personal reasons we want to take one of them off the deed and the loan. What is the best way to handle this?
"
As Blue said you cannot take anyone off the title without that person's consent to it.
"
As Blue said you cannot take anyone off the title without that person's consent to it.
He is going to consent to this. He does not have the means to pay for the mortgage because he has gotten himself so far into debt. He has agreed to forfit his half. What is the next step we should take?
hi kathy,
your next step should be to inform the lender that you will be getting the other half of the property. also explain why you wish to take the other person's name off the loan. then ask the brother to sign on a quitclaim deed and transfer his share of property to you.
next, you should get the deed signed by a notary public and record it at the county recorder's office to make it effective.
then, your lender may ask you to refinance the loan in your name or get the loan transferred through novation. it will depend on the lender as to which option he will suggest. the lender will only allow for novation if your credit is good enough. however, if he suggests a refinance, then your brother can sign the deed during the closing of the refinance loan. he need not sign on the deed separately.
hope it is clear to you. if you have any query, please feel free to come up with it.
take care
your next step should be to inform the lender that you will be getting the other half of the property. also explain why you wish to take the other person's name off the loan. then ask the brother to sign on a quitclaim deed and transfer his share of property to you.
next, you should get the deed signed by a notary public and record it at the county recorder's office to make it effective.
then, your lender may ask you to refinance the loan in your name or get the loan transferred through novation. it will depend on the lender as to which option he will suggest. the lender will only allow for novation if your credit is good enough. however, if he suggests a refinance, then your brother can sign the deed during the closing of the refinance loan. he need not sign on the deed separately.
hope it is clear to you. if you have any query, please feel free to come up with it.
take care