If 3 people own a house buy only 2 are on the loan, how can we drop 2 people out of title/loan and let the 3rd one take over the mortgage?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If 3 people own a house buy only 2 are on the loan, how can we drop 2 people out of title/loan and let the 3rd one take over the mortgage?
My husband, brother and I are on the title. Only my husband and I are on the mortgage (brother has only seasonal jobs/bad credits). Me and my husband moved to FL and my brother is paying the mortgage since he is the one living there. Is there any way for us to be taken out of title and mortgage and have him take over the loan?
Asked on October 10, 2011 under Real Estate Law, Colorado
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
The only way for you and your husband to get off of the loan secured by the home that your brother is living in is for him to refinance the loan. Once refinaced (assuming he can do so) then the loan that you and your husband are obligated would be retired and your brother would be the only one obligated on the new loan.
As to legal title on the house, you and your husband could quit claim or sign over your interests to your brother via a grant deed which would be recorded on the property. However, that would do nothing as far as getting you off of the loan for the property.
I recommend that you contact a real estate attorney to assist you regarding the subject property.
Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.