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Family situation

Posted on: 23rd Apr, 2009 04:25 pm
I too have a situation in which I am the only person on the title and loan document but have 3 brothers in which we would all be 25% investors - one has filed personal bankruptcy, one has no money to continue to fullfil hi 25% obligation and the 3rd is on the verge of stopping his 25% contribution which leaves me on the hook for the full amount.

My question is given their current financial situations will the lender allow them to be added to both the title and loan agreements today and make that will make them responsible for their respective 25%?
Hi RW,

I do not think the lender would like to add them to the loan, given the financial situation they are in. They will have to be in sound financial condition for the lender to consider adding them to the loan.
Posted on: 23rd Apr, 2009 11:33 pm
RW

R you planning for refinancing your mortgage??

If you are having any good amount then surely you can purchase the whole property with the single person on the deed.But if you do not have enough money then it will be difficult to go for the deal.

You need to explain the details to the lender.What about the second brother's b'ruptcy ?? whether he is relieved from the title??

Waiting for more input from your side. :wink:
Posted on: 24th Apr, 2009 02:34 am
No refinance - the property won't appraise out anywhere close to the loan amount. I am the only one on the loan and the title. I was just trying to figure out if there was someway to put any of the 3 of them on the loan to reduce my risk and only be resopnsible for my 25% of the original agreement and not to now be responsible for 100% because they can no longer pay.

I have excellent credit and do not want to jeapordize that but I am unsure how long I can pay 100% of the mortgage by myself when I really only signed up for 25%. I now know that you can't even trust family in telling you that they will pay their share even though they have no legal financial obligation.

I am currently trying to get a renter but the market will only allow me to get roughly a 1/3 of my monthly cost.
Posted on: 24th Apr, 2009 07:30 am
Hi

As you're the only one who signed on the loan, you will be held liable for it. The lender would not like to add your brothers at this point in time as they're going through financial difficulty. But was there any written agreement between you and your brother? or was it just a verbal agreement?
Posted on: 28th Apr, 2009 03:30 am
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