joint ownership of property with brother who won't move on.?

Question

Me and my brother purchased a house .We hold the title in joint ownership with right of survivorship. I got married and was planning to move on with my wife. We have a house being built and plan on moving in soon. The current house that I live in with my wife. I pay for entirely. I finally got my brother to move out after several months of being shorted money then eventually not getting any money from my brother for his half. He left me owing me thousands of dollars. I have tried to reach him several times to get him to sign a quick claim deed. He wont get back to me. We owe 114,000 on the mortgage and 65,000 on a home equity loan. The house is worth only about 150,000 after the market dropped. I want to refi so I can lower the payment and rent the place out. What could I do to get him off the title if he wont sign the quick claim deed. What are my options for short sale or foreclosure if I cant carry the house any longer. What will happen to me if I foreclose. The house is in arizona.

Answer 1

Get a lawyer. They will know best.

Answer 2

First off, it's a quitclaim deed, not a "quick claim."

Second, if you're that far in the hole you can't re-finance. You'd need to come up with at least $29,000 in cash to balance the loan and the property value.

Your brother would be a fool to sign a quitclaim deed if you aren't able to refinance in your own name as he'd have no interest in the property but would still be on the hook for the mortgage & HELO. The only way you could force him off is to sue for partition. That would force a sale of the property and division of any equity. However as you are upside down right now, that would not make any sense.

About the only thing you can do right now is either rent it out and feed the alligator until prices recover or shoot for a short sale. You could let it go to foreclosure but both of your credit records will take a major hit for a number of years if you let that happen.

Answer 3

You should get advice from a local real estate attorney. But in preparation for your meeting you should also know what to ask and how to evaluate the advice they will provide you. To that end here are some links that might help you out.
State’s Foreclosure Laws See Article 2, & 3 under Chapter 6 and Chapter 6.1: http://www.foreclosures.com/pages/state_laws.asp
Consumer information for real estate transactions: http://www.re.state.az.us/consumer.html
State bar Association: http://www.azbar.org/

It might be that counsel will advice you to do a partition suit against your brother if all other efforts to have his need to convey to you fail.

I wish you success

Answer 4

correct to the only element you're able to do is confer with a legal expert. replaced into one in all you listed through fact the only in charge. Sorry, cant think of of the be conscious i'm searching for. yet generally there's a individual named through fact the only that makes judgements. in case you the two own mutually and he refuses to purchase your 0.5 out and refuses to sell i'm not sure what you're able to do. i might say you are able to sell your 0.5 to somebody in the event that they have been prepared to purchase understanding they might own it with him. you need to sell your 0.5 and the guy you sell it to then their call might bypass the place yours is now. I easily dont see why you couldnt try this. despite if maximum are unlikely to purchase understanding the will own it along with your brother. good success. i understand somebody else in a similiar subject. She ultimately have been given her brother to sell part of the land yet maximum of it nevertheless sits and the own it mutually. He lives interior the abode and he or she purely tolerates all of it.

Answer 5

if you foreclose, financing on your new house could be affected