Who is Responsible to Pay the Mortgage When Someone is Added to the Deed?

05/13/2011 - Category:Real Property - Mortgage Satisfaction - State: CA #24832

Full Question:

My parents deeded heir home to my brother. My brother obtsined a loan on the home to buy his own home. If my brother adds his two other brother to my parents home via a deed. who has to pay the loan on my brother got on my parents home?

Answer:

Ownership as indicated by a deed is a separate matter from those named on a loan on the property. Only he persons named as responsible parties on the loan are responsible to pay the loan, regardless of who is named on the deed. It is possible the brother may contract privately with the other brothers, such as through a promissory note, that they will pay the borrower brother as contribution to his payments on the loan.

Please see the information at the following links: http://definitions.uslegal.com/t/tenants-in-common/ http://definitions.uslegal.com/j/joint-tenancy/ http://definitions.uslegal.com/p/promissory-notes/ http://definitions.uslegal.com/r/real-estate-deeds/ Please see the forms at the following links: http://www.uslegalforms.com/ca/CA-NOTESEC.htm http://www.uslegalforms.com/us/US-00601.htm http://www.uslegalforms.com/ca/CA-01701BG.htm http://www.uslegalforms.com/us/US-01661BG.htm http://www.uslegalforms.com/us/US-01034BG.htm http://www.uslegalforms.com/us/US-00648.htm http://www.uslegalforms.com/promissorynotes/california-promissory-note-forms.htm http://www.uslegalforms.com/deedforms/california-deed-forms.htm

05/13/2011 - Category: Mortgage Satisfaction - State: CA #24832

See more Questions in the Mortgage Satisfaction Category