Q: WHAT STEPS SHOULD I TAKE TO TAKE MY NAME OFF A MORTGAGE LOAN
My brother and I bought a one family house in Nassau county about 15 years ago.
About 10 years ago I sold my half to my brother.
The mortgage loan stay in my name.
My brother has been making the payments on time all these time.
Because of the coronavirus my brother has departed to be with God.
I trusted my brother 1,000% and he never let me down, but he is gone.
BUT, I WOULD LIKE TO HAVE MY NAME OFF THE MORTGAGE LOAN.
Please tell me what do i have to do.
Thank you very much.
A: There is no way you are going to get off this loan without paying it off. There are two options. If the home is empty, it can be sold. The mortgage would be paid at sale. Or, if your brother had family living there and they are keeping it, they will need to make an estate proceeding and transfer title to whomever gets it. That person should refinance at that time. If the mortgage is unpaid, your credit rating will be impacted. The home should not stay titled in your brother's name.
A: The only way I could see you doing it is by refinancing the mortgage and having your name removed from both mortgage and from the deed.
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