how to divide ownership of a house with family member who stopped contributing 8 years ago?
My brother moved out in 2011 and stopped contributing to the mortgage, but his name is still registered as the half owner of the house. I continued to pay the mortgage on time since then.
My mortgage is up for renewal in 3 months. I have extra cash sitting around and I just want to pay off the remaining mortgage entirely.
My brother and I started a dialogue about whether it makes sense to change ownership of the house to be entirely under my name since he hasn't been responsible for it any way since he left.
If I choose to sell the house because I want the capital to do other things, how do I determine how much of the house belongs to him?
Is there a formula I can use to calculate ownership?
NOTE: Our parents have been living in this house for free since as long as we have had it. We jointly cared for them until my brother moved out. Since Then, I've been the primary care giver to my parents.