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buyout by cosigner

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Caridawn Guest	Posted: Sat Jun 04, 2011 4:45 am    Post subject: buyout by cosigner Like 0 Dislike 0 I cosigned my daughters loan. The house is now rented out because it didn't sell (icky market) and my daughter needs to live closer to her work. Renting is more expensive than buying, but to buy doesn't she have to unload the mortgage she now has? If that is so, is it possible for me to buy her home without closing costs? Can it be signed over to me? What are her options? Thanks, Caridawn _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Sun Jun 05, 2011 7:04 pm    Post subject: Like 0 Dislike 0 Caridawn, you could certainly purchase the home from her - closing costs are inevitable. There has to be a transfer of title, so fees pertaining to that would be payable; there are always recording fees, and a smattering of other costs. It's not an absolute that she'd need to unload the mortgage, though it clearly would need to be paid on a continuing basis one way or the other. If the tenant is a good one and the rental income covers (or mostly covers) the regular payment, then status quo could easily be maintained, I'd have to think. Are you truly worried about the situation, or just checking into what might need to be done? _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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