Posted on: 12th May, 2010 09:15 pm
hi, my brother gifted me a house using a quit claim deed and specified that he would be soley responsable for all payments left on the mortgage on the home. i am the sole ownder of the property now. am i able to take out a home equity loan to improve the home to sell it in the future?
Hi stevelarue,
If there is equity in the property, then you would be able to take out a home equity loan. As you are the owner of the property, then you would be able to sell it off. However, the mortgage dues need to be cleared before that.
If there is equity in the property, then you would be able to take out a home equity loan. As you are the owner of the property, then you would be able to sell it off. However, the mortgage dues need to be cleared before that.
the mortgage is current and in my brothers name.
Hi steve!
Welcome to forums!
If you want to sell off the property, then you will have to ask your brother to pay off the mortgage dues in full.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you want to sell off the property, then you will have to ask your brother to pay off the mortgage dues in full.
Feel free to ask if you've further queries.
Sussane