by Dell Claiborne
My brother and I are equal owners of a home in Southside that is paid for. He wants to mortgage the house for the money. I have refused to agree to this. But can he do so without my knowledge or consent? If so, what can I do to prevent this?
I’m going to assume that you and your brother own this property as joint tenants, which basically means that you each own equal stake in the property. Since you own the house essentially as partners, one partner can’t make decisions regarding the property without the consent or knowledge of the other. A bank or lender will not allow your brother to mortgage the property without you, because he is not truly the owner. The two of you together are owners. If by chance you decide that you no longer want any interest in the home, you have the option of signing a quitclaim deed which will turn your interests and rights to the home over to your brother. This is a scenario most often used in divorces. Only at that point could your brother make any decisions pertaining to the home without consulting you and getting your blessing.
I will leave you with this one bit of advice: Remember that family is more important than real estate. Enjoy your time with your family and have a happy holiday season.