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    guytre's Avatar
    guytre Posts: 8, Reputation: 0
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    #1

    Dec 27, 2007, 09:20 AM
    Brother wants to add me to his deed
    My brother is going through some tough time and he needs to refinance his hom. Well in order to do that he ahs to be making 125k yearly but he is not making that so he spoke with his attorney and they advise him that he can add someone to the deed and maybe they can combine our incomes and then he can refinance and after 3 months they will take my name off the deed.

    My question is: how would all of this affect me, what are the advantagews and disadvantages?

    Can someone kindly let me know.

    Thanks for your help.
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #2

    Dec 29, 2007, 11:51 AM
    The lender may be positioning this new deed to where you are also repsonsible for the promissory note and mortgage. Call the lending officer and ask what is going on.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Dec 29, 2007, 12:13 PM
    If you are on the deed you will also be on the mortgage for him to get it.

    So if your brother loses his job or if your brother pays late, or just does not pay, they can make you pay. So if you are willing to pay his house payment, it is a great deal, if you don't want to be stuck owinghis house payment or having his bad credit report on your credit report, you may have to say sorry no.
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