Can you be on a mortgage and not on the title of the property? Perhaps the title held by someone else?

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My mother put the filing of the apartment that my brother and I are The loan is the name of my brother. My mother was not able to qualify for the loan at the time. I want to put the apartment under the title of my mother as a sole proprietor. You still can not get a mortgage. Is it still with my brother mortgage, but not on him the title, and my mother as a sole proprietorship? Why my brother was the sole owner of the property, but has been recently threatened to sell the place, and keep all the profits. My mother and I do not want to stop selling to the city. I do not want to track. Also, I want my brother to the track.

5 Comments
  1. Reply
    Intellect
    April 30, 2011 at 6:19 pm

    You can leave her as the sole owner of the property as long as your brother agrees to it, as he’ll have to deed out, (sign the grant deed, giving it to your mom) You mean your mom and you want to stop him from selling the place? He shouldn’t do it, are you on title? all people on title will need to come to an agreement, is he the only one on title? If that’s the case you have a difficult situation, as long as your brother keeps acting this way, you are at a loss if he is the only one on the title, you might have to end up in court, you’ll need to gather proof that it was your mom’s down payment, not his, and the judge may award the property back to her.

    Lenders don’t like for people to do that they say it’s wrong, however people do it all the time, the person stays on the loan but comes off of title. This is not something you can do behind his back as the sole owner, he’d have to relinquish his rights and sign before a notary, so you’d have to get a grant deed, from him to her and I don’t see how that’s going to happen, unless all of you come to an agreement. Your mom should try to fix her credit and do it all herself, even you.

  2. Reply
    bostonianinmo
    April 30, 2011 at 6:48 pm

    From what you say, your brother is the sole owner of the property and is free to do with it as he pleases.

    He’d be an idiot to quitclaim the property to your mother as he’d still be liable for the mortgage payments. Were he to do so, and if the lender thinks there’s some funny business going on in the background, they would likely inovke the due on sale clause in the mortgage contract which would almost certainly force a sale of the property — probably to a third party as your mother can’t get her own mortgage.

    If your mother put up the down payment for the condo, it’s a virtual certainty that the lender required her to provide a gift letter that stated that the down payment money was a gift. This is standard practice in the mortgage industry. Any attempt by her to claim ownership of the property based on her having paid the down payment would be rebuffed by that letter.

    You have no legal basis to force your brother to deed it to you or your mother. The only way that either of you get title is if he sells it to you. If you do not have enough cash for the purchase, you’ll have to get your own mortgage.

    Addendum: You e-mailed me but have not verified your e-mail address so I can’t reply.

    I only repeated what I said earlier. Your brother is the legal owner. You can’t force him out against his will any more than you can force me out of my home.

    Consult with a local real estate attorney for legal advice. Nothing here on YA is legal advice.

  3. Reply
    sandy_cheeks1234
    April 30, 2011 at 7:10 pm

    From what you told me, your brother owns it… meaning his name is on the “deed”… your mom put money down on it…. is there a note between her and your brother saying that she made the down payment?? from what you said…I think you have no say in this issue… with your name nor your money involved in this transactions… looks like your brother could sell and if there is a note stating that he is to repay your mom… he would first have to pay any money owed to any mortgage co. and the money to your your mom… and he could keep the rest… I hope for your sake the above isn’t the case… good luck!!!

  4. Reply
    mortgage help
    April 30, 2011 at 7:54 pm

    If your brother is on the loan, he must be on Title. Why would he take all the risk of the liability, and not have the benefit of ownership?
    help@choicefinance.net

  5. Reply
    MortgageGuy
    April 30, 2011 at 8:49 pm

    Sorry there but mortgage lending doesnt work that way…

    A mortgage lender agrees to lend money to your brother based on his credit, his income, and his worthiness to lend money to…

    You cant jsut say i want to take over his loan.. If that were the case then anyone in the world could have a mortgaeg!!

    There are mortgage guidelines for a reason… There are also qualifications, application process, underwriting process, and everything else involved for a reason…

    Why would the lender let you take your brothers loan? They dont know anything about you… they dont know your credit, income, or worthiness to borrow money…

    If your mom cant qualify for a loan, then why would a lender want her to etake over on a loan that they gave to someone else after determinimg they will be able to actually pay the mortgage ea h and every month…

    Unfortunately you are out of options.. If your brother is the only one on the title of this property, he has all legal rights to the property…

    As another response noted, your mom GIFTED the money to your brother as a down payment… If it wasnt “GIFTED” they would not have allowed your brother to use it as a down payment… So, beign that technically it was a gift of funds, she has no rights to the property or to get the money back either…

    Seems like you need to hav e a long talk with your brother and make him understand that you are all family, the only family he has, and he shouldnt jeopardize your relations..

    Other then that you are out of luck..

    sorry to be the bearer of bad news…

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