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co-signer/quit claim deed

Josh: ('hook 'em!)
I have a floating home which is personal property, not real estate. Can I put another person on the loan as co-signer then file a [url=http://www.mortgagefit.com/quitclaim-deed.html]Quit Claim Deed[/url] to turn over all rights & responsibilities to her??? It is doubtful any bank will make a new loan on it and this seems like the best/only(?) way to get out of it..... help!

raymond's picture
raymond | Joined: July 3, 2009 09:38 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

No - that can't be done. She needs to purchase the boat from you so she can be on the Note and Title, releaving you of all responsibility.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:17 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

but she does not have the cash and the bank will not loan on this houseboat....no long-term lease with marina.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:17 | Post subject:

raymond's picture
raymond | Joined: July 3, 2009 09:38 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Your options are to walk, resulting in credit damage and a judgement, or to lend her the money so she can buy out your current Note. There's no easy way out of the situation.

How'd you get the loan initially, if there isn't a long term lease? Can you introduce her to your current lender?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:17 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

if your lender will agree to add someone as a cosigner (effectively granting you a [url=http://www.mortgagefit.com/refinance.html]refinance[/url] of the loan), then you've got a shot at what you're seeking.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:17 | Post subject:

wsumeet's picture
wsumeet | Joined: October 31, 2009 09:33 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

No thats can't be done

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:17 | Post subject:

swarghade's picture
swarghade | Joined: November 1, 2009 08:31 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

NO:

if your lender will agree to add someone as a cosigner (effectively granting you a refinance of the loan), then you've got a shot at what you're seeking.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

swarg...what is it you're trying to accomplish?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:17 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

does a copsigner need to be involve in all the proceeding of refinance for a quitclaim deed?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi chenney,

If there is a co-signer for the refinance, then the lender will ask you to add the co-signer's name in the quitclaim deed.

Thanks

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I can't agree with that last comment, James. The cosigner is there simply as a guarantor, not as an owner of the home. Why a lender would require a cosigner to be added to title for the purpose of simply being a cosigner is alien to me. I would find that way outside the lines of normalcy in a refinance, a purchase or any other transaction.

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