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 desiqt
Joined: 25 Mar 2009
Posts: 1
1.42 Dollars($)
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 Posted: Wed Mar 25, 2009 4:31 pm Post subject: Mtg. Refinance and title ownership |
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| I live in IL and am considering on refinancing the house which has my dad as the co owner. My question is if I refinance the loan in only under my name then does that take him off as the owner from the deed? At the moment, both my dad an I are on the mortgage. I want his name to stay on the deed of the house but not on the loan. Please advise if refinancing only under my name will take his ownership rights away from the property? |
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Guest
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| Posted: Wed Mar 25, 2009 5:32 pm Post subject: |
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Hi Desigt,
You can be on the mortgage and still have him on the property. Just make sure that the lender you refi with adds him as a NON-OBLIGATED co borrower. He will sign the deed of trust, note and escrow instructions. This will keep him on the property and not on the loan. |
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ashleyblanton
Joined: 03 Feb 2009
Posts: 147
Location: San Diego, CA
30.61 Dollars($)
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| Posted: Wed Mar 25, 2009 5:32 pm Post subject: |
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Hi Desigt,
You can be on the mortgage and still have him on the property. Just make sure that the lender you refi with adds him as a NON-OBLIGATED co borrower. He will sign the deed of trust, note and escrow instructions. This will keep him on the property and not on the loan.
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Ashley Blanton
VP of Operations
2180 Garnet Ave. 3EF
San Diego, CA 92109
(858) 768 - 0764
ashley(at)aplemail.com |
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tawanastegall
Joined: 26 Mar 2009
Posts: 58
Location: Texas
25.80 Dollars($)
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| Posted: Thu Mar 26, 2009 8:08 am Post subject: Refinancing |
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Hi Desight,
You can be the only one liable on the loan. I have to differ from the first two replies just a little. I wouldn't not advise him to sign the "NOTE" because that would mean that he is personalbly liable, he would only need to sign the Deed of Trust. If he signs the note, that means he is OBLIGATED to pay.
But, by only signing the deed of trust, this shows that your father has interest in the property and in lieu of default, he is acknkowledge that there is a lien and this lien has is in first position.
TaWana Stegall
tawanastegall(at)yahoo.com
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I hope this helps =)
TaWana Stegall |
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desiqt1
Guest
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| Posted: Mon Mar 30, 2009 6:13 pm Post subject: refinance |
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Currently my brother is also on the mortgage and on the deed of trust. Now, when I refinance, does he have to be present to sign any papers? He's not going to be on the mortgage or deed of trust once I refinance because he has no interest in the property.
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tawanastegall
Joined: 26 Mar 2009
Posts: 58
Location: Texas
25.80 Dollars($)
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| Posted: Mon Mar 30, 2009 7:35 pm Post subject: |
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If you brother is currently on the mortgage and the deed of trust then he is going to have to sign a some type of vesting deed to deed his property interest solely to you. Whom ever has interest in the property must sign the deed of trust. So, refinancing does not automatically removes his property interest. He has to deed it to another in order to do that
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I hope this helps =)
TaWana Stegall |
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jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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| Posted: Tue Mar 31, 2009 12:06 am Post subject: |
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Hi desiqt,
If your brother has any property-interest, he needs to transfer it to you through a deed. Once you are the sole owner of the property, you can easily refinance it solely in your name. |
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