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removing father off the mortgage and refinancing

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justinemajor Joined: 20 Jul 2011 Posts: 1 1.30 Dollars($)	Posted: Wed Jul 20, 2011 9:10 am    Post subject: removing father off the mortgage and refinancing Like 0 Dislike 0 we have loan wif BoA, my father in law singed for it to help us get the loan ( we had another property at that time) . We have been making all payments on time, we would like to remove him now , also the house is woth much less than what we paid for it, is there a chance that we could refinance it at the same time- and possibly pay only what the house is worth ( maybe under Obama's law?)
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Wed Jul 20, 2011 9:13 pm    Post subject: Like 0 Dislike 0 Hi justinemajor, If there is not equity in the property, you won't be able to refinance the existing mortgage. You should appraise your property and find out if there is any equity in it. Thanks

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