If 3 people own a house buy only 2 are on the loan, how can we drop 2 people out of title/loan and let the 3rd one take over the mortgage?

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If 3 people own a house buy only 2 are on the loan, how can we drop 2 people out of title/loan and let the 3rd one take over the mortgage?

My husband, brother and I are on the title. Only my husband and I are on the mortgage (brother has only seasonal jobs/bad credits). Me and my husband moved to FL and my brother is paying the mortgage since he is the one living there. Is there any way for us to be taken out of title and mortgage and have him take over the loan?

Asked on October 10, 2011 under Real Estate Law, Colorado

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

The only way for you and your husband to get off of the loan secured by the home that your brother is living in is for him to refinance the loan. Once refinaced (assuming he can do so) then the loan that you and your husband are obligated would be retired and your brother would be the only one obligated on the new loan.

As to legal title on the house, you and your husband could quit claim or sign over your interests to your brother via a grant deed which would be recorded on the property. However, that would do nothing as far as getting you off of the loan for the property.

I recommend that you contact a real estate attorney to assist you regarding the subject property.

Good luck.

 


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