Legal Question in Wills and Trusts in Pennsylvania
I'm on a deed with my two brothers. I was trying to buy them out and take sole possession of the property but doing so would cost money I don't have around 45-60 G's total.So I was going to try and refinance or whatever program there is to get back into a mortgage.Can one person try and get a mortage even though there still on the deed? I was hoping that the bank would apprise the house and they would pay them off with the money I'm borrowing is that possible? Or would have to them off first then go for the loan?
2 Answers from Attorneys
This can be done a variety of ways if your brother's agree.
My Delaware County office can handle it for you. 610-734-0750
I think you need to know what the property is worth and if it is already mortgaged and how much money you will need in order to buy out the share of your brothers. As things stand now, I am not sure if the bank is going to be crazy about lending money to only one of you when 3 of you own the land. Also, the brothers must give consent to the mortgage. Do you know what the property is worth approximately and whether your brothers will agree to 1/3rd of that value. What if your brothers think the land is worth more? r are they in agreement with this plan?
I think you first kind of need to do some homework here to find out what the property is worth and know whether your brothers are willing to sell their shares to you. If you get that far, then you need to talk to your lender, get the property definitively appraised and see what you can borrow. Then you will probably need to see a real estate attorney to handle the closing and get your brothers to sign over their shares.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
