I own 50% of a house, and have 2 sibling co-owners who each own 25%. Current mortgage: $78,000. Current value: $600,000. The 2 sibling co-owners inherited their portion 10 years ago. I co-owned with now-deceased parent prior to that. (There were other properties involved, which is why the split ended up the way it is).
Here's my question to you who are brighter than I: If I want to buy out my siblings (they are agreeable) without refinancing (they would carry), are they responsible for paying off their "ownership" of the existing mortgage? I assume since they inherited their portion of the equity, they inherited their portion of the mortgage debt.
Or do I just have to own the debt, and pay them just what is their equity?
Thanks a million.
Peter