Full question:
My parents deeded heir home to my brother. My brother obtsined a loan on the home to buy his own home. If my brother adds his two other brother to my parents home via a deed. who has to pay the loan on my brother got on my parents home?
- Category: Real Property
- Subcategory: Mortgage Satisfaction
- Date:
- State: California
Answer:
Ownership indicated by a deed is separate from the loan responsibility. Only the individuals named on the loan are liable for its repayment, regardless of who is on the deed. Your brother can create a private agreement, like a promissory note, with his brothers to share the loan payments, but this is not legally required.
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