Question by Fl Real Estate Problem: In Florida, can a person be on a mortgage but not on the Note?
I bought a lot with two other people. They talked me into putting me on the Note but all signed the mortgage. Also, we have a co-tenancy agreement requiring them to pay 1/3 each. Unfortunately one of the parties is having financial hardship and may file for bankruptcy. He wants to quit claim his 1/3 to me. However, the property is underwater and he will stick me with his share of the loss. I need to refinance the mortgage now and he wants to walk away. Can anyone with expertise in this areas provide recommendations to proceed?
Answer by estielmo
The fact that he Quit Claims it to you doesn’t take him off the mortgage. However, as long as the bank gets all their money every month they don’t care what your private agreements are.
But if there is any equity in the property I wonder if his bankruptcy will affect the property. You might need legal advice.
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