Legal Question in Business Law in Connecticut
can i quit claim my house to my brother.my brother and i own the house along with his wife.i own 50% of it he owns a quarter of it and she owns a quarter of it i just want to know how iu can get out of the mortage without ruining my credit...the house is a pig sty inside and out o try to clean it but they always make a bigger mess.i can live there any more they also have 6 cats and a dog which makes a bigger mess
2 Answers from Attorneys
There are only two ways to get out of the mortgage and that is to sell the house and pay it off or have your brother and/or his wife buy you out and refinance the mortgage.If you quit claim the house to your brother you are giving away your interest in the property, but you still owe the bank as a joint debtor on the mortgage.
Any attorney will say a quit claim does nothing about your mortgage obligations. You are still on the hook after the quit claim. Consult with an attorney in your area for specifics.
Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise
Franchise Attorney
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