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can i still be on the title of the house and not the mortgage?
here is the situation:
my 2 brothers and i bought a house and we had the mortgage in all 3 of our names. now we want to refinance and take some equity out-so my mortgage broker advised me that take 2 of my brothers out of hte mortgage since they have bad credit.
now when the signing of the papers happened-there was a document from the lawyer transferring the property from my 2 brothers to soley me.
now i dont mind taking the mortgage in my name alone but i would like to have my 2 brothers on the title. but we already signed the papers transferiing the property in my name.
so how can i change this?
4 Answers
- ?Lv 71 decade agoFavorite Answer
You can deed the house back to your brothers and yourself, then you will all 3 be on the deed though only you will be on the mortgage. However, if you do this and the brothers ever decide to stop paying the mortgage but keep living there, there is nothing you can really do about it, so think hard on this before you do it.
- Judge JulieLv 71 decade ago
You have a document that takes your brothers names off the deed/title - in order to qualify for a mortgage in just your name. By your question I'll assume that you want your brothers to be on the title as beneficiaries should you precede them in death. You can accomplish this by getting Quit claim deeds - and notarizing them. Then when you die - your brothers can get your property without a will. Get a Paralegal or Notary public to explain this process to you. Its all very legal.
- LILLLv 71 decade ago
yes. I'm on the title to my home...but the mortgage is in my husbands name alone.
