Home arrow Mortgage Forums arrow Deeds, Property Transfer and Estate Planning arrow

co-owner's of home

Author Message
Kim

Guest







Post Posted: Wed Aug 29, 2007 6:57 am    Post subject: co-owner's of home
Like 0
Dislike 0

Good morning; i own my house w/ someone; situation has taken a turn for the worse and now need to get him off deed and mortgage. Am not having any luck refinancing to get him cash but any other suggestions and should i take him off deed before i make financial leeway? thank you
Icon Mini Profile blue
blue




Joined: 21 Oct 2005

Posts: 1131
Location: MARYLAND
138.04 Dollars($)
Post Posted: Wed Aug 29, 2007 11:18 am    Post subject:
Like 0
Dislike 0

Hi Kim,

Welcome to Mortgagefit discussion board.

To take his name off the loan you will have to get it refinanced in your name otherwise he will remain on the note.

Right now you can ask him to quit claim his share in the house over to you. And after some time when you can meet the requirements specified by lender, refinance the loan in your name.

But before the title transfer discuss this issue with the lender and whether you would be allowed to continue the mortgage without having to refinance for some time until you can qualify.

Do let me know if you have any other questions.

Thanks
Blue

_________________
Lets help each other. Try my blog
kim

Guest







Post Posted: Wed Aug 29, 2007 3:07 pm    Post subject: continuing the mortgage
Like 0
Dislike 0

Hi Blue - thanks for the info. To clarify, discuss w/ the lender if I can ?? We're both on the loan and deed right now (although I'm am currently the only one paying the mortgage). Where would I look to see when the market will start shifting the other way to see about the 125% 2nd mortgage?

thank you
raffel _

Guest







Post Posted: Wed Aug 29, 2007 5:44 pm    Post subject:
Like 0
Dislike 0

"Where would I look to see when the market will start shifting the other way to see about the 125% 2nd mortgage? "

It will be difficult for you to get 125% mortgage as most lenders don't do it presently because of the recent problems that mortgage industry is going through.
Icon Mini Profile larry





Joined: 27 Jun 2007

Posts: 3322

474.67 Dollars($)
Post Posted: Wed Aug 29, 2007 11:19 pm    Post subject:
Like 0
Dislike 0

Hi Kim,

If you cannot refinance, you can for a novation. It is a legal process by which your husband can be substituted from the loan. Your husband will sign on the novation document and will transfer the loan solely to you. In this way, he will be free of liability of making the payments. But the transfer is not possible without the lender’s approval. Your lender must allow you for the transfer of loan.

I think it will be better if you remove your husband from the deed earlier than you go for the novation process. After the title gets transferred, he will not be able to claim any share of the property.
Icon Mini Profile evolovik26
evolovik26
Community Expert
Community Expert

best lender badge

Joined: 15 Aug 2007

Posts: 537
Location: Minneapolis
28.93 Dollars($)
Post Posted: Sat Sep 01, 2007 7:39 pm    Post subject:
Like 0
Dislike 0

I am assuming the other person wants something out of it? (if not he just needs to quitclaim the deed over to you. If they want money you can agree to a sum you can pay out of your savings.(but he has no guarantees there and might be reluctant to do so on your good word alone), you can refinance to get them the money. You can sell the property and get him the money (probably not what you had in mind), or you can draw up a contract with a lawyer to pay X at the time you next refi or sell the property.
Thouse are the few options that i can think off.

_________________
Eugene Volovik
Home Loan Consultant
Countrywide

612-481-3127
Conventional, FHA and Commercial Lending in 48 states
Icon Mini Profile rdhanda





Joined: 31 Aug 2007

Posts: 5

3.44 Dollars($)
Post Posted: Sat Sep 01, 2007 10:50 pm    Post subject: kim
Like 0
Dislike 0

KIM.
If u can not afford to pay hime and neither u want to keep the same person for the reasons u can change them and keep another person who can pay more money and out of which u settle ur issues with the older one and get rid of one and keep some for u also for ur benefits...rdhanda
Rosetta

Guest







Post Posted: Mon Sep 03, 2007 1:23 am    Post subject:
Like 0
Dislike 0

Evolovik,

I agree with you that the other person wants some money from Kim in return of his share. It is no doubt good if she pays him the amount out of her savings. But what do you think if she uses the fund from her retirement account? Will there be any downside to this?
Icon Mini Profile miller_st
miller_st




Joined: 17 Jan 2007

Posts: 918

168.95 Dollars($)
Post Posted: Mon Sep 03, 2007 12:58 pm    Post subject:
Like 0
Dislike 0

Withdrawing from retirement account is not a very good idea most of the times as if the person is unable to repay in time then he would have to face income tax on that amount as well penalty.


Miller
Icon Mini Profile rdhanda





Joined: 31 Aug 2007

Posts: 5

3.44 Dollars($)
Post Posted: Sat Sep 08, 2007 11:49 pm    Post subject: housing loan
Like 0
Dislike 0

I have taken a housing loan for the home I PURCHASED 07 YEARS BACK
and still have to pay for another 20 years due to increase in interests of banks which was 12 years previously.Do i take money from my provident fund to repay or continue with the same plan.My children are very young and will completel their education nearly when I will get my retirement.IF I pay from my pf amont I WILL NOT be left with any money after retirement.Please suggest....Rdhanda
Icon Mini Profile rdhanda





Joined: 31 Aug 2007

Posts: 5

3.44 Dollars($)
Post Posted: Sun Sep 09, 2007 12:05 am    Post subject: kim
Like 0
Dislike 0

I ALSO SUGGEST NOT TO TAKE ANY MONEY FROM YOUR RETIREMENT FUND BECAUSE THIS IS U NEED AFTER RETIRMENT FOR YOUR STTLEMENT....RAJEEVDHANDA
Icon Mini Profile livinginnky
livinginnky
Moderator



Joined: 08 Sep 2007

Posts: 631

29.96 Dollars($)
Post Posted: Sun Sep 09, 2007 2:09 pm    Post subject:
Like 0
Dislike 0

I have question for you? And then some advice maybe. Why does he want cash? If there is not any equity in the home no matter how many payments you made together there is no equity. I see and hear it all the time. "I made all these payments for this house I want half the profit". What profit? If you made 100 payments and only took off $5000 in principle what do you owe him? $2500 maximum and not half of the total payments.

You should find out if you can get his name off the deed. You would talk to a Title Company or Real Estate Attorney in your area. You won't be able to get his name off the loan unless you refinance or get your current lender to agree. The positive is if you are making the payments and the checks are in your name they are your payments no matter who's name is on the loan with you. Another thing is what is the worst thing that could happen with his name on the mortgage, what he makes a payment when you don't know about it.

He does not have the right to extort money out of you. If you are making the payments keep doing so. With proper legal help the house will be yours anyway.

125% mortgages are never a good solution. Well maybe .01% of the time.
Icon Mini Profile larry





Joined: 27 Jun 2007

Posts: 3322

474.67 Dollars($)
Post Posted: Mon Sep 10, 2007 2:09 am    Post subject:
Like 0
Dislike 0

Hi Rdhanda,

Even I feel that you should not consider taking out money from your provident fund account as you may need that money later after your retirement. It is better if you manage to take out some money from your personal savings account. This will help you to make interest payments towards the loan.
Icon Mini Profile carnahandavid
carnahandavid




Joined: 21 Dec 2006

Posts: 238

58.41 Dollars($)
Post Posted: Mon Sep 10, 2007 4:04 pm    Post subject:
Like 0
Dislike 0

Rdhanda,

Quote:
I have taken a housing loan for the home I PURCHASED 07 YEARS BACK
and still have to pay for another 20 years due to increase in interests of banks which was 12 years previously.


Have you looked at refinancing your present mortgage as an option?

How much equity has developed in the last 7 years from the time you had taken the loan?

As the rate is increasing on this loan, refinancing it into a FRM would be better because you do not have plans of moving out and would continue to live here for some more years.
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Refinance Quotes
Call for Rates
888-485-7561
Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

Ask Questions
Community Attorney
Joshua Heard - Attorney Joshua Heard
Houston, Texas






Highlights
Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool






Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.141 seconds.