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    thenjkayakerr's Avatar
    thenjkayakerr Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 29, 2011, 07:34 AM
    Mortgage question -- adding owners
    I purchased a home by myself in 2008. I recently became unemployed. The loan is current but not for long. My brother and his wife would consider moving in to help but they want to be 50-50 owners. If I call my mortgage co and explain that I will be facing foreclosure, will they amend the mortgage or offer any other options?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    Oct 29, 2011, 07:37 AM
    To be honest who knows, they would have to do a re-fi on the home so you would have new closing costs and other requirements perhaps. Does the home still have the value of the loan on it. ( many do not now)

    All you can do is ask, is this a local bank or company or a national one with no local offices to deal wth
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
    Uber Member
    		  
    #3

    Oct 29, 2011, 10:27 AM
    The bank won't just "add" their names to your existing mortgage. A refinancing of the loan would have to be done so that all 3 names are on the mortgage. The deed would have to be amended adding their names onto the deed as well.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Oct 29, 2011, 10:48 AM
    Actually what you would be doing is selling a share of the home. So you would have to obtain NEW financing.
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