WANTS HOUSE BOYFRIEND WILL NOT SIGN OFF.

coachiewife · Joined: 02 Mar 2007 Posts: 1 1.32 Dollars($)

DAUGHTER AND HER BOYFRIEND BROKE UP. THEY ARE BUYING A HOUSE. SHE WANTS TO TAKE OVER THE MORTAGE BUT HE WILL NOT SIGN OFF. HE HAS NOT BEEN PAYING THE PAYMENTS FOR 3 MONTHS AND SHE HAS ANY SUGGUSTION

jameshogg · Posted: Fri Mar 02, 2007 12:26 am Post subject: RE: take over loan and property

Hi Coachiewife,

Welcome to forums.

It seems that your daughter has bought a home with her boyfriend an now that they have broken up, she wants the home. And, most probably the boyfriend isn't taking his name off the title even though your daughter is willing to make the loan payments.

If your daughter cannot convince her boyfriend to get his name off the home, then she may demand a certain sum of money and give up the property. But then, the lender or the loan company may not allow for it because your daughter's name is on the loan and her boyfriend has not been paying for past few months.

Your daughter should first of all try to convince the boyfriend and then take help of a lawyer if at all required.

Thanks,
James.

Guest 0.10 Dollars($)

There's a difference between taking name off the title and that of the loan. When someone takes his name off title, his name is not removed from the loan. To get his name off the loan, the person has to talk to the lender such that he allows him to transfer his loan to someone.

SHARLEE2004 · Posted: Mon Mar 05, 2007 12:32 pm Post subject: Wants house

There are several ways to help him decide to sign off the property.

Refinance the home with 'cash out'. Use cash out to 'buy' him off the property. House appraises for $150k, existing loan is $100k, she offers him $25k to take a walk and sign a quit claim deed at title company closing.
Offer to take mortgage off his hands by 'selling' home to family member (you) at discounted price (at least the amount to payoff existing loan). He signs contract and quit claim deed to sell. Family member obtains financing for home and daughter pays you for the mortgage each month.
If he will not do any of these, pay the mortgage payments and hope he eventually comes to the light of realization.

sara · Posted: Wed Mar 07, 2007 2:48 am Post subject: RE: refinance with cash-out money

Yes Sharlee, I think refinance with a cash-out option will be a good choice. Since the husband is not willing to take his name off the property, you can pay him off with the extra cash and buy him out of the property.

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