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legallysound
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My brother and his wife cant make their mortgage payments

Resolved Question:

My brother and his wife can't make their mortgage payments any longer; foreclosure is being considered. However, my brothers wife is solely on the loan, but he is on the deed. My question to you is should he try to remove his name from the deed, so that this won't impact his credit? Also, since the loan is in her name he wouldn't be responsible for making amends with the bank, correct?
Submitted: 5 years ago.
Category: Legal
Expert:  legallysound replied 5 years ago.

Thank you for using JustAnswer.

 

Right on all counts. He could quit claim his interest in the home to his wife. Then everything, including the loan would only be in her name; and he would have no dealings with the bank nor could the lender pursue him. Thanks!

 

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legallysound, Attorney
Category: Legal
Satisfied Customers: 1333
Experience: Wills, Trusts, Corporate, Business, Contracts, Real Estate, Pre-nuptial agreements, Landlord-tenant
legallysound and 12 other Legal Specialists are ready to help you
Customer: replied 5 years ago.
Is it expensive to Quit Claim him off the deed and what are the procedures?

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