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hanadec · Joined: 07 Mar 2010 Posts: 1 1.37 Dollars($)

Hello,
my name is Hana, I helped my brother buy a house in 2003, I had good credit and he had no credit and good income. He recently got a cut in income, and can no longer afford mortgage and is asking for deed in lieu, which will hurt me the most because I am the primary owner on the house. My question is what do I do to save my name and my credit, since it is not really my debt?
Please give an advice, for this situation will wreck my life in every way.
Thank You.

smithsussane · Posted: Sun Mar 07, 2010 8:43 pm Post subject:

Hi hana!

Welcome to forums!

You can sign a quit claim deed and remove your name from the property. However, this will not help you in removing your name from the mortgage. You would be still liable for the loan. Your brother will have to refinance the loan in his name in order to release you from the responsibility of paying the dues. But as he is late on payments and asking for a deed in lieu, he won't be able to refinance the loan. Thus, it would be difficult for you to remove your name from the loan.

Feel free to ask if you've further queries.

Sussane

Guest

so, what good is it to remove my name from the property if I am still on the loan and responsible fro the debt? and how do I obtain a quit claim deed?
thanks for your help, I really appreciate it.

smithsussane · Posted: Wed Mar 10, 2010 9:51 pm Post subject:

Hi Hana!

Welcome back to forums!

It is not a good idea to remove your name from the property deed unless your brother refinances the loan in his name. You can contact an attorney who may help you in drafting the quit claim deed.

Feel free to ask if you've further queries.

Sussane

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how to take my name off this loan?