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transfer home to joint owner

I am retired and have a large credit card debt.Icannot get a renewal mortgage.My relative (sibling)is joint owner &can afford the mortgage.We live in the home.Can I transfer my half of the property? How is that done? Woodstock.

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One Response to “transfer home to joint owner”

A licensed trustee said...

What you are suggesting sounds like a reasonable idea, but you should discuss it with a lawyer before you make any final decisions.

The lawyer will need to know if there is any net equity in the house. (Net equity: if you sold the house there would be money left over after the mortgage and all of the closing costs are paid for you and your co-owner). If there is any net equity then the co-owner should pay you your fair share of that equity in order to “buy” your half of the house. This is the only way to transfer the house and be absolutely certain no one has a legal basis to complain about the transfer.

After you have talked to a lawyer about the transfer you may want to talk to a trustee in your area to work out a plan to deal with your debts.