Q: If two brothers have secured a mortgage on a home. times changed and one wants to leave said agreement. how ?
would like to get equity from property
A:
This can be difficult to do. Basically, the brother that wants to stay will need to refinance the loan in his own name. If he can't with the current lender, then he may have to look elsewhere. If no one will do it, then the leaving brother is basically stuck until the home sales or it is refinanced under the brother's name, the leaving brother dies etc.
The bank will not want to increase their risk on the loan, having two people on the hook is better than one. If a refi option works the leaving brother could offer to pay the closing costs it induce or make it easier for the staying brother.
I hope this helps. It is simple contract matter, and the question you are asking is how do you break/modify the contract with the bank. The bank typically won't want to.
Wes
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