Posted on: 07th Jul, 2010 12:58 pm
on 11/2003 i had my brother help me buy a house because my credit was too bad to purchase for myself and family.i want to get a quick or quit claim deed to ease my mind that my brother may be wanting to borrow more money on our home.i found court documents online that states he has borrowed a total of 70,000 since 2004 to 2006 and never talked to me about it.the house was worth 60,000 in 2003 and i have since added a room to up the value and afraid to do more remodeling since my findings.is it possible that since i only owe 30,000 on the house not counting his loans he has done to get a quick/quit claim deed so this worring can end for myself and family?
Welcome beverlymccauley,
If your brother has taken out the loan solely in his name, then you won't be held responsible for paying that loan. However, if your brother used the property as a collateral to secure the loan, then the creditors can come after your property in order to recover the dues if he does not pays them on time.
You can ask your brother to sign a quit claim deed and remove his name from the property. This will make you the sole owner of the property.
If your brother has taken out the loan solely in his name, then you won't be held responsible for paying that loan. However, if your brother used the property as a collateral to secure the loan, then the creditors can come after your property in order to recover the dues if he does not pays them on time.
You can ask your brother to sign a quit claim deed and remove his name from the property. This will make you the sole owner of the property.