Legal Question in Real Estate Law in Pennsylvania

dual ownership of property and loan requests

I have partial ownership of a house. That is me and my brother are cosigners of a house purchased back in March 2008. The house was bought with the help of my parents and I was intended to be the sole owner of the house. However, since I am not a financial expert, it was agreed that my brother would sign as co-purchasre so that he could take care of financial matters such as loan arrangements, insurance, taxes, etc. This is all fine and I am very glad that he has agreed to take care of these matters and since the house is in 30 year mortgage, my brother is doing me a favor this way. The down part is I feel I have no control what so ever over my finances. I am curently unemployed with less than perfect credit and I was wondering if I could get a second loan or a loan of any type on the house to gain some financial freedom even though my brother may not consent to this. I guess to sum it all up is what are my legal rights in this respect and could I get a bank to give me a loan, even though we currently have a mortgage agreement to which I am a co-signer.

I would appreciate any feedback you might have. I just like to point out that my main intention is to gain some financial freedom and I have no major disputes with my brother.


Asked on 4/16/09, 12:11 pm

1 Answer from Attorneys
Miriam Jacobson Retired from practice of law

Re: dual ownership of property and loan requests

From your description of your situation, it is not clear if you and your brother co-own the house, or if he is just a co-signer on the loan.

If both of you own, you cannot put another mortgage on the house without his consent. If your credit is not very good, it is unlikely that you would even qualify for a loan, especially in this economic climate.

Taking out another loan is the surest way to get into more trouble, not to gain financial freedom.

I would suggest that you consult with a HUD-recommended housing counselor to help you feel more in control of your financial issues.

You may find them at:

http://www. hud. gov/offices/hsg/sfh/hcc/hcs.cfm

Type the above address without spaces.

Good luck.

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Answered on 4/16/09, 8:55 pm


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