Someone who works in a bank help me with this...?

Question

myself and my brother are co-owners of a home... i want to back out and give him the whole thing (i no longer want the responsibility etc.) i am sure he makes enough to satisfy the bank to put the whole thing in just his name... what is the process to do this ? is their a fee ? (i bank with bank of america as does he and thats who the mortgage is threw)... im pretty sure i cant just go do this with out him... what would the full process be please... thanks.

Answer 1

You need to work together on this.  Find a good mortgage banker and have him refinance the mortgage, showing only himself as the borrower -- but both of you on title.

As soon as the old loan has been paid off, you can "quit claim" your interest in the property to him.

If you quit claimed yourself off of title before the new loan was in place, you would be liable for paying the mortgage but would have no ownership of the property.  That's a formula for disaster.

Answer 2

You would most likely need to refinance in your brothers name alone.  He would have to qualify and there would be normal closing fees involved.

Answer 3

He needs to refinance the property in his name alone, or you both need to sell it. Whatever you do, do not sign a quit claim deed. All that will do will give up your rights to the property but not your responsibility for the mortgage. Hopefully you guys are not upside down on the house, owing more money than it is worth or you are going to be stuck.

Answer 4

your brother would need to contact a loan officer and refinance in his name only.  at closing, you will sign the deed over to him and be relieved of financial responsibility.  This all depends on whether he can refinance on his own.