Posted on: 29th Apr, 2010 08:13 pm
My father co-signed a loan for my brother. After three years, my father was sick of paying the payments because my brother would not pay. The place is in foreclosure and needs alot of work. My father has spoken with the bank and he is going to catch the loan up, pay attorney fees, but before he pays a dime, he is getting my brother to sign a quitclaim deed and file it at the courthouse. He would have no legal ownership but his name would still be on the mortgage note until it can be refinanced. It can not be refinanced until my father puts at least 20,000 in it plus catches up 12,000 in payments. The bank says this is the way to go and when it is in a condition to be refinanced, the property can then be sold to my dad solely or me and my brother would have to sign the deal ( which he will). My brother has no job and has nothing to take so he does not care about this place or my father's assets or credit score.
It sounds like your brother is not responsible enough for a home yet. An apartment and the cheapest one might work out for him when he does find a job. He should sell the property or short sale it to you, or do a short arm transaction if you can get a loan for it.