How to get rid of co-ownership and home loan from property
I am co-owner in a property along with my younger brother and his wife. All three are co-borrowers as well. The loan is serviced for last 5 years.
Now my brother and his wife are separating. Following facts are important keeping separation in focus.
1) Sister in law wants to keep hold of property and expects my brother to pay EMIs.
2) My brother has got a notice of job termination from his current employer with end date as 31 May 2016.
3) He may or may not work again in his current profession as Software Engineer.
4) He may pursue other options for his livelihood.
5) With above assumptions, He, as primary borrower may go default.
6) I have no interest in the property apart from helping them.
So my questions are
1) Before all this happen how can how I can remove at-least my name from the property and the loan?
2) In case I had to pay the dues of Bank, and during Family dispute,hold of property being allowed to sister in law, what will be my role on ownership of the property.
3) In future when my sister in law asks me for NOC is she want to sell the property, Can i claim my money that i paid to bank?
Is there any law to let bank accept this change in ownership and the home loan?