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co-borrowing and giving up property rights

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Icon Mini Profile samphky77





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Post Posted: Sun Mar 28, 2010 12:06 pm    Post subject: co-borrowing and giving up property rights
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My girlfriend is going to be a co-borrower on my mortgage loan so that I can qualify for the amount I want, because without a co-borrower, i wouldnt be able to obtain a high enough loan amount. When I purchase the home, she will be on the deed/title to the property but I dont want her to have ownership rights to the property, which she is willing to give up. What do I have to have her sign in order for this to happen without having to refinance or take her off the loan?
Icon Mini Profile jameshogg
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Post Posted: Sun Mar 28, 2010 9:09 pm    Post subject:
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Hi samphky,

Your girlfriend can sign a quit claim deed form and remove her name from the property deed. However, as her name will be mentioned as a co-borrower of the loan, the lender may not allow this transfer of property and will want you to refinance the loan in your name.

Thanks
Catt

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Post Posted: Mon Mar 29, 2010 1:33 pm    Post subject: Co-borrower and getting 8k
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I am a new homeowner w/a co-borrower will I be eligible for the 8k for new homeowner. My co-borrower is not eligible due to owning a home and over income limit. Thanks
Icon Mini Profile sara
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Post Posted: Tue Mar 30, 2010 2:56 am    Post subject:
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Hi Catt,

As your co-borrower already owns a home and is over the income limit, you won't be able to qualify for the first time homeowner's tax credit. If both you and your co-borrower would have been first time home buyers, then you would have qualified for the tax credit.

Take care.
Icon Mini Profile jveenstra
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Post Posted: Tue Mar 30, 2010 9:12 am    Post subject: Tax Credit
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Catt, if you are not married to the coborrower, you are eligible.
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Post Posted: Fri Feb 04, 2011 10:26 am    Post subject: co-borrower
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My home was signed over to my Ex with the verbal agreement that he was to sell it, yet he did not. Because I am still on the mortgage can I force the sale through a partition action? Note: this can't be remedied through the decree/family law.
Icon Mini Profile Niicss
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Post Posted: Mon Feb 07, 2011 2:08 am    Post subject:
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As your name is not mentioned on the property deed, I don't think you'll be able to file a partition lawsuit in order to sell off the property. However, I will suggest you to contact a real estate attorney and take his opinion in this matter.
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