Posted on: 11th Oct, 2008 06:37 pm
two brothers bought a house together. one wants out and the other wants to stay. the one that wants to stay has been turned down to refinance the house soully in his name. he can afford the payment along with his live in girlfriend, but she can not get a loan of any sort due to bankruptcy. the brother that wants out wants to buy a house with his girlfriend. would a quitclaim deed be the best option?
hi prchellew
welcome to forums!
quitclaim deed will only transfer the ownership of the property in the other person's name. it will not transfer the mortgage. if the mortgage needs to be transferred, then your brother will have to go for a refinance or a process of novation. as he has been turned down for refinance, then he can speak to the lender about the process of novation.
feel free to ask if you have further queries.
sussane
welcome to forums!
quitclaim deed will only transfer the ownership of the property in the other person's name. it will not transfer the mortgage. if the mortgage needs to be transferred, then your brother will have to go for a refinance or a process of novation. as he has been turned down for refinance, then he can speak to the lender about the process of novation.
feel free to ask if you have further queries.
sussane
No, selling the house would be the best option.
