I purchased a house with my mother as co-owners. I was supposed to live there with my brother since he didn't have the credit we had to put his share into my mothers name. Even tho I put a big chunk of savings into the downpayment I chose to leave because I had no space living there with him, he didn't want to pay any bills and I just couldn't. I forfeited verbally telling him that I don't want anything more to do with the house, everything I put in so far goes to him. If he doesn't want it he can sell it, if he wants it, he can pay for it.
Well I think he's still having trouble paying his bills and the last thing I want is for him to go bankrupt while the house is in my name.
Also my mom is retired now and if she goes bankrupt what will happen?
I want my name out of there NOW. and I don't know how to go about it. Legally what are my options?
2007-08-26 09:19:12 · 6 answers · asked by jennifer 3 in Business & Finance ➔ Renting & Real Estate
Real property can be transferred between most anyone, family or not.
First, is your brother actually on title? If not, rather than lose a "chunk" of money...I'd boot his &%^$^ in a minute. If he ain't an owner and doesn't have a lease and can't prove he's paying to live there, I'm relatively confident that your laws would allow you to push him on his pathetic way.
If he is on title, it would be better to give the slouch $500 or $1000 for his interest and have him deed his interest to you and your mom. Once he no longer has an interest in the home, then boot him.
Since it appears you and your mom are responsible for the mortgage, regardless of who is on title, payment of the note is a huge issue. If you walk away from the note, the house will eventually be foreclosed and your credit and your mom's credit will be harmed for a year or two. You had better put on your boots and get ready to dance with your brother or he'll put you all in the poor house.
Second, if you're not on the note, then you wouldn't need to worry about as much about it, although I think it's better to try and sell than walk away from your investment. If you're in the Central Texas area, email me and let's talk about your situation.
2007-08-26 18:15:01 · answer #1 · answered by liveinaustin 3 · 0⤊ 0⤋
You and your mother own it? You cannot alter a written agreement (mortgage or deed) with a verbal amendment.
If he does not own the house legally, it cannot be included in his bankruptcy. If he does not pay the mortgage, if will be on you and mom's credit and you would have to file bankruptcy. I am sure should you consult an attorney he or she would tell you if he can't pay his bills then you need to evict him as you would a tenant if you want any of your savings back, you could sell it and give "his share" but the trustee of the bankruptcy would probably take it to pay his bills, shame on him for doing that to you and your mom. It was an awesome thing you did with the house.
2007-08-26 10:16:21 · answer #2 · answered by Etta P 4 · 0⤊ 0⤋
I don't know what state you live in but here in MA you can go to the local Registry of Deeds and they can provide you with the form to transfer ownership to a family member. If there is debt involved you could do a purchase and sales for $1.
Make sure you do something to get out fast because if your name is on it then all the debt will be yours if he is unable to pay. The debt against the property is equally shared amongst those who legally own it which includes anyone on the deed/mortgage.
Do something fast.
Good luck!
2007-08-26 09:28:29 · answer #3 · answered by New England Babe 7 · 1⤊ 1⤋
Are you on the mortgage? If you are, then transferring the property means nothing. You CAN transfer ownership to anyone you want mortgage or not, unlike what the first answer says, but that does not relieve you of the mortgage obligation. You can sign a quit claim deed as someone else suggested but that too means nothing. The only way to get out of the financial obligation is to refinance it into someone's name other than yours, or sell it.
2007-08-26 09:40:18 · answer #4 · answered by Anonymous · 0⤊ 1⤋
You have to transfer ownership to him. It varies by state. Of course, if you have a mortgage on the property, then you can't do this - since it is not yours to transfer.
He would have to get a loan and buy it from you. You signed an agreement and you are responsible for the home and the payments on it.
2007-08-26 09:26:01 · answer #5 · answered by Anonymous · 2⤊ 1⤋
Probably the easiest thing to do is have a Lawyer draw up
a "quit claim deed", sign it w/ your Bro, and record it (the
lawyer can do it for you) -- then you're clear of it legally.
2007-08-26 09:32:25 · answer #6 · answered by Anonymous · 0⤊ 1⤋