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My brother and I are on the deed home that just my name is…

Customer Question
My brother and I are...
My brother and I are on the deed for the home that just my name is ***** *****
If my brother wants to take out substantial amount of equity in home does that leave me somewhat responsible in case of anything?
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 2 minutes by:
2/11/2016
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 43,595
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

.

Can you tell me how brother is planning on taking out equity in the property?

.

Are you agreeing to allow him to borrow on the home?

.

.

thanks

Barrister

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Customer reply replied 2 years ago
He is taking out the equity on an interest only . I would be agreeing to allow this yes.
Not sure that answers your question.
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago

Ok, thank you for that information. I wanted to make sure you knew that you had to agree to allow this and sign off on any loan agreeing to pledge the property as collateral for the additional loan.

.

But if you are ok with this, then you would just want to make sure that you didn't sign the Note or anything where you are agreeing to be personally liable for the debt. You will have to sign allowing the property to be used as collateral, but you don't want to sign anything where you agree to personally repay.

.

So if brother defaults, the worst that can happen is that they will foreclose on the property and come after him for the debt..

.

.

thanks

Barrister

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