Q: Person A- sole mortgage holder. Person B-is on the deed. Can a 3rd be added without B permission? How is equity split?
Can a 3rd person be quit claimed on the deed without person B? And then when the home is sold does the equity split three ways ?
A: Having a mortgage does not equal ownership. As long as the terms of the mortgage are met, the mortgage holder will never be an owner. Only the owner, or a court, can give ownership to another party. Equity is divided equally between owners. This equal percentage can change if the deed specifies a specific percentage of ownership, or if one party can prove it is paying more than another to improve or purchase the property.
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