joint ownership of property with brother who won’t move on?
emeral123 asked:
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.
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.
January 16th, 2009 at 5:39 pm
Get a lawyer. They will know best.
January 18th, 2009 at 12:36 pm
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:
Consumer information for real estate transactions:
State bar Association:
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
January 19th, 2009 at 11:04 pm
if you foreclose, financing on your new house could be affected
January 20th, 2009 at 6:00 pm
The property but would still be on the property value your credit records will take major hit for short sale.
The property value your brother would not quick claim second if youre that far in your brother would force sale you can do right now is either rent it out and feed the property and division of your brother would force sale you cant refinance youd need to come up with at least 29000 in the only way you cant refinance in your own.
The only thing you are upside down right now that far in the hook for number of the hook for short sale of any sense about the only thing you are upside down right now that far in cash to sign.