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Foreclosed Duplexes

Question: forcloser question on a duplex in 2 parties names..?

myself and my brother bought a duplex in florida when the market was at an all time high and now its gone down so low that its worth less then 1/2 of what we paid.. both my name and his name are on the mortgage.. my question is... i want out of the mortgage at any cost, i cant even rent it out and get what my mortgage is... i was gonna tell my bother to put the whole thing in my name and let it foreclose and i'll take the bad credit... is this posible or is this not an option ?

Answer: Depends. You CAN have your brother "Quit Claim" te property into your sole name but that does NOT take his name off of the loan. You would then need to take the Quit Claim deed after it is recorded to the mortgage company and have them put the loan entirely into your name and IF they are willing to do this then you MAY be able to surrender the property without affecting your brothers credit but since the bank also KNOWS the value of the property has decreased letting somebody who MAY be liable in the future for payments walk away for no good reason would be a hard sell.

South Austin Foreclosure Duplex 2.qt

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