QUESTION
brother & I named on home deed, bro took out home equity loan, died - bank own home?
Asked on May 13th, 2016 on Real Estate - New York
More details to this question:
My mother added my brother & I to her home's deed. Brother was living in home w/wife - no children. He took out equity loan and never made payment. I signed a document where I relinquished my claim to the home should he default on the loan. My brother died a few months ago. Do I have any right to the home or does the bank now own the home and property - this is in NY State.
1 ANSWER
1 Award
Unless there is something weird about what you signed, and I would have to see it to know, the usual form does not reliquish title, but merely allows one owner to get the proceeds of the equity line, even though you both own the property. I think you definitely have a right in the home, and if there is equity after payment of the loan, you should move to deal with the property. The money for you will disappear if the property falls into disrepair and if the balance on the loan continues to grow. I am unclear if your mother still has rights here.
Answered on May 22nd, 2016 at 3:17 PM