Posted on: 22nd May, 2007 12:56 pm
Hello,
I recently was married. My wife owns a condo with her brother on the title. This was done as a "protective" measure by her family. Of course, this is now a nightmare. Her brother gave a "gift" of $5000 in the begining to help with the 25000 down payment. The rest was from her father. The value of the condo at that time was 150,000. Now, five years later, the condo is worth double. Her brother is the only one on the mortgage. However, my wife and now me, have been making all payments, HOA dues... etc. from the begining without a dime from her brother. Now we want to put the condo in our names and get him off the title. I would of course re-finance the loan (at a higher rate) to be solely on the mortgage. Is the plausible? What forms should be used? Is he legaly entitled to half without making any past mortgage payments? What strategy should be use?
Thank you.
Sam
I recently was married. My wife owns a condo with her brother on the title. This was done as a "protective" measure by her family. Of course, this is now a nightmare. Her brother gave a "gift" of $5000 in the begining to help with the 25000 down payment. The rest was from her father. The value of the condo at that time was 150,000. Now, five years later, the condo is worth double. Her brother is the only one on the mortgage. However, my wife and now me, have been making all payments, HOA dues... etc. from the begining without a dime from her brother. Now we want to put the condo in our names and get him off the title. I would of course re-finance the loan (at a higher rate) to be solely on the mortgage. Is the plausible? What forms should be used? Is he legaly entitled to half without making any past mortgage payments? What strategy should be use?
Thank you.
Sam
You need to ask your brother in law to quit claim his share of condo to you.
"Now we want to put the condo in our names and get him off the title."
You cannot get him off the title without his consent as he is the co-owner of the condo along with your wife.
Miller
"Now we want to put the condo in our names and get him off the title."
You cannot get him off the title without his consent as he is the co-owner of the condo along with your wife.
Miller
"Is he legaly entitled to half without making any past mortgage payments?"
Yes if the condo is sold he will get half of the proceeds being one of the owners.
Yes if the condo is sold he will get half of the proceeds being one of the owners.
If I stopped making payments if he refused the quitclaim, what would happen since he is the only one on the mortgage? What type of deal should I propose to him? Divide the current value of the house in half minus all payments plus HOA's that we have made and cut him a check? That seems unfair.
Hi,
If you stop the payments then lender would foreclose and your brother-in-law along with your wife would lose the condo. In addition your brother-in-law's credit score will get hurt. This can be one reason that he agrees to quit claim it in your name. But I have doubts he will agree to give up his ownership for this reason.
"Divide the current value of the house in half minus all payments plus HOA's that we have made and cut him a check? That seems unfair."
You will have to pay him his share of the value of the condo as he is the owner. You do not have many options here.
If you stop the payments then lender would foreclose and your brother-in-law along with your wife would lose the condo. In addition your brother-in-law's credit score will get hurt. This can be one reason that he agrees to quit claim it in your name. But I have doubts he will agree to give up his ownership for this reason.
"Divide the current value of the house in half minus all payments plus HOA's that we have made and cut him a check? That seems unfair."
You will have to pay him his share of the value of the condo as he is the owner. You do not have many options here.
Yes you can offer him such a deal and see what he has to say about it. I think he will agree to it as it will be much profitable than what would happen if you were to stop making the mortgage payments.