Posted on: 06th Apr, 2009 01:45 pm
My brother and I live together. His name is on the mortgage but we pay it together. He just enlisted in the military. Is it in my best interest to do a quitclaim deed since I'm the person who will be paying the mortgage while he's gone.
Your brother will then be giving up all his rights to the property. Is this what you both want? Can he not send you his portion of the mortgage. Also, do you really want to be paying the entire mortgage when in the end he will have all the property rights. Sounds like both the mortgage and the property should be in both your names to protect you both.
Can you re-finance the property in your name?
welcome mrs. austin,
you can ask your brother to sign a quitclaim deed if you want the property in your name. but you will have to refinance the mortgage when the property is transferred to you. if you can afford to refinance the loan, then transferring the property in your name is a good option.
you can ask your brother to sign a quitclaim deed if you want the property in your name. but you will have to refinance the mortgage when the property is transferred to you. if you can afford to refinance the loan, then transferring the property in your name is a good option.