Transfering Ownership While on the Deed, but Not on the Mortgage
My question involves real estate located in the State of: New York
I put a down payment for a home in September 2006, at the time my credit was not established long enough to qualify for the loan. Therefore, I asked my brother to help me get the mortgage loan. The real estate agent who showed me the home and helped us get financing. However, the way they did this was I was on the deed with a 99% ownership and my brother with a 1% ownership with Fairmount Funding. Today, the mortgage is held by Green Tree Servicing the problem is my brother wants out of the mortgage. I have been able to pay it on time and have been doing so from my bank account. I need to find a way to transfer to mortgage to my name. The difficulty in getting a mortgage on my own and buying the property from my brother is that I do not have pay stubs, I pay the property and live with the rental income from the home. How can I transfer the property's mortgage to my name? By the way the utilities and all bills associated with the property are in my name. My brother is uncooperative, he just wants to short sale the property and leave me losing all I have put into the property.
Re: I Am on the Deed, but Not on the Mortgage I Need to Transfer
"The difficulty in getting a mortgage on my own and buying the property from my brother is that I do not have pay stubs, I pay the property and live with the rental income from the home."
I'm not sure what your point is here. You don't have to have pay stubs as such, but you will need to demonstrate/document your ability to pay for the loan. Which you can presumably do.
"How can I transfer the property's mortgage to my name?"
I'd like to think that you already know that you need to talk with the current or another lender about this and whether you qualify for it based on their lending requirements.
"By the way the utilities and all bills associated with the property are in my name."
I should hope so.
"My brother is uncooperative, he just wants to short sale the property and leave me losing all I have put into the property."
I can't imagine why your brother would be "uncooperative" with the idea of you refinancing in your own name. You aren't behind on the mortgage and no lender would agree to a short sale unless foreclosure loomed and they thought it was better to agree to a short sale than foreclose. Besides, if the dummy didn't want to take on an entire mortgage in his name based on a 1% ownership interest (foolish for both him and the bank if the mortgage is in his name alone), he should have thought of that before.
All I can do is suggest what you should already know: you need to talk with this lender or start looking into other lenders. As a practical matter, to get "out" of the mortgage obligation being in his name, your brother would have to file a partition action and get a court to agree to order the property put up for sale at auction (and get a lender to agree to take less than what's owed if this place is under water). That takes money and time and trouble. Your brother can't force the situation otherwise.
Re: I Am on the Deed, but Not on the Mortgage I Need to Transfer
Unless the mortgage loan is transferable and the lender accepts you as a new creditor AND your brother agrees to the transfer, it isn't going to happen.
Since your brother is not the sole owner, he cannot sell the property in whole without your agreement. At most he can sell his 1%. I suspect you won't find any buyers willing to buy 1% of your property.
If the mortgage has been paid regularly, the bank is not likely to entertain a short sale deal.
Not having pay stubs is not a death knell to obtaining a mortgage loan. There are other ways to prove your income. If you can actually qualify for the loan (income to debt ratio), you need to speak with a mortgage lender to see if they will finance you. If your brother is not willing to relinquish his 1%, you are really stuck not being able to do much.