Who is Responsible to Pay the Mortgage When Someone is Added to the Deed?
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?
05/13/2011 |
Category: Real Property ยป Mortgage Sat... |
State: California |
#24832
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.
