Can I take over payments on property(with very bad credit) in ONLY MY NAME?

qcanuk · Joined: 15 Sep 2008 Posts: 1 1.38 Dollars($)

Can I take over payments on property(with very bad credit) in ONLY MY NAME?..I purchased my property before I
met my friend, it was paid in full
by me..I foolishly let my friend persuade me to purchase a new singlewide trailer..putting MY property up as collaterol. His name
is on the mortgage now(I have had,
and still have BAD credit. My name
is on the title with his. If the
mortgage doesn't get paid..I lose
my ENTIRE property. Is there ANY
way of getting his name OFF of the
property, we are not married, there
are no children between us. If I can SOMEHOW get him to sign over(quitclaim)the property to me solely, will I be able to convince
the mortgage holder to allow me to
do this? My friend works sporadically(very little), and I
am on disability. Please, help!
Thank you.

helping_user · Posted: Tue Sep 16, 2008 3:09 am Post subject:

Welcome qcanuk.

I think you want to have your friend's property transferred to you. Well, you can request him to quitclaim it to you, but I think it's better if you buy him out. This is because I don't think your friend will agree to transfer his singlewide trailer if he doesn't get any money in return.

However, the problem is, if the lender comes to know of it, he may ask you to refinance in order to get the mortgage in your name. Moreover, you are on disability. So, I doubt whether the lender will agree to refinance your loan.

Thanks.

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