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Co-signer

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robertscd81 Guest	Posted: Thu Nov 24, 2011 10:55 am    Post subject: Co-signer Like 0 Dislike 0 I bought a house and put my boyfriend on the title. Big mistake, but he is only a co-signer for the property. Will I have to refinance the house to get his name off the mortgage and title? Any suggestions. He will not leave the property till it is changed solely into my name..Thank-You _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 514 Location: Australia 82.40 Dollars($)	Posted: Thu Nov 24, 2011 6:20 pm    Post subject: Like 0 Dislike 0 Hello roberts, Yes there name will appear, but luckily after the 1st year, you can go to the city registery and have there name removed. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Nov 24, 2011 7:10 pm    Post subject: Like 0 Dislike 0 Welcome robertscd, You will have to refinance the mortgage and get the mortgage transferred in your name solely. However, as far as the property deed is concerned, you need to contact him and ask him to quitclaim the property to you. Unless he quitclaims the property to you, you shouldn't refinance the mortgage in your name. If you do so, he will remain the owner of the property but won't remain liable for the mortgage payments anymore. _________________ Procrastination is the enemy of your financial success
robertscd81 Guest	Posted: Fri Nov 25, 2011 6:07 am    Post subject: Like 0 Dislike 0 When you refinace, doesnt it go through the title company again? Hense changing the name on the title? Why do they quitclaim?
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Fri Nov 25, 2011 10:05 am    Post subject: Owner Like 0 Dislike 0 If your boyfriend is on title and on the mortgage, he is a co-borrower, not a co-signer. He is on title, so, he is an owner. Co-signers are not on title, they are only on the mortgage. You need to refinance to get his name off mortagge and title. He is an owner. He needs to agree to mlet you refinance without having to pay him anything to buy him out. If your existing mortgage is FHA, you may be able to assume it If your existing mortgage is owned by Fannie Mae or Freddie Mac and you have made the last twelve mortgage payments from an account that is only in your name, not joint with him, you may be able to refinance into your name only even if the proeprty value is less than the present mortgage balance. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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