| Author |
Message |
|
|
Needoutofloan
Guest
|
 Posted: Thu Oct 29, 2009 3:46 pm Post subject: Can I take my name off loan? |
|
|
I helped a friend buy a property almost five years ago. I am the primary on the loan and used to have a joint title. We have been trying to get my name off the loan, so started with removing my name from title. The banks say the only way for me to get my name off the loan and have my friend on only is to refi. The problem is, the house is worth half what we paid and we don't qualify for a hardship. All we want is my name off and the friends name on. I can't buy a house till this happens. Any advice or help would greatly be appreciated. Thank you!
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
|
|
 raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
|
| Posted: Thu Oct 29, 2009 5:41 pm Post subject: |
|
|
If the bank says the only way to do it is by refinancing, that's all you can do. But you're in a real bad spot right now because you're on the Note but not Title. That means you have the full obligation of the Note, but you don't own any of the asset that's backing the Note - and that's one of the worse positions to be in. You need to get back on Title. If he died right now, the home would go to one of his heirs and you'd still be responsible for the full amount left on the Note. Nobody wants to be in that position.
_________________
Raymond
www.ReverseMortgageCalculator.org |
|
|
loanday123
Joined: 28 Oct 2009
Posts: 16
3.83 Dollars($)
|
| Posted: Fri Oct 30, 2009 8:24 am Post subject: |
|
|
The co-signer needs to refinance, your name can not simply be removed from a contract. The contract you have must be paid off with another loan that the co-signer obtains on their own. It is then up to the bank giving the new loan if they will accept partial ownership from someone not on the loan.
Highly doubt the lender is going to loan the full loan value of the entire property to a deed holder who only has interest in half the property, since you are also on the title,
So probably the person could not refinance alone for the full outstanding loan value
_________________
Bank of America Loan Modification
Loan Modification |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.12 Dollars($)
|
| Posted: Fri Oct 30, 2009 1:13 pm Post subject: |
|
|
need, i also believe that you're not likely to have success in doing what you wish to do here.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
|
|
christinehynes
Joined: 05 Sep 2009
Posts: 27
Location: Orange County, California
6.09 Dollars($)
|
| Posted: Wed Nov 04, 2009 12:37 pm Post subject: |
|
|
You need to refinance the loan or go through a short sale.
_________________
Loan Modification Specialists
www.CallALMS.com
877-700-2567 |
|
|
eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1172
175.82 Dollars($)
|
|
|
