My question involves real estate located in the State of: New York
My mom owns a house. About 6 years ago she refinanced it to take advantage of the lower rates. Her income is low and the bank wouldnt give her the loan. So she put my brother on the deed as a 1% owner. She got the loan in her name and my brothers.
They both want their name off the deed. We(me and my other brother) didnt want to refinance because, there is alot of fees involved.
I was told we could transfer title (quit claim deed) and the bank would probably never know. But, then the mortgage still has their names on it.
Could I just give them a lien against the property? The mortgage on the property is worth about 25% of the value of the property.
One more thing, the house is in an irrevocable trust.
any ideas?
thx
My mom owns a house. About 6 years ago she refinanced it to take advantage of the lower rates. Her income is low and the bank wouldnt give her the loan. So she put my brother on the deed as a 1% owner. She got the loan in her name and my brothers.
They both want their name off the deed. We(me and my other brother) didnt want to refinance because, there is alot of fees involved.
I was told we could transfer title (quit claim deed) and the bank would probably never know. But, then the mortgage still has their names on it.
Could I just give them a lien against the property? The mortgage on the property is worth about 25% of the value of the property.
One more thing, the house is in an irrevocable trust.
any ideas?
thx
Deeds - Quitclaim: Change Ownership
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