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michelestpierre · Joined: 29 Oct 2009 Posts: 1 1.47 Dollars($)

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 Quit Claim Deed 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 · Posted: Thu Oct 29, 2009 5:23 pm Post subject:

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.

Guest

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

raymond · Posted: Thu Oct 29, 2009 6:16 pm Post subject:

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?

gmakerley · Posted: Fri Oct 30, 2009 2:23 pm Post subject:

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.

wsumeet · Joined: 31 Oct 2009 Posts: 5 1.66 Dollars($)

No thats can't be done

swarghade · Joined: 01 Nov 2009 Posts: 7 2.07 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.

gmakerley · Posted: Tue Nov 03, 2009 1:37 pm Post subject:

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

Guest

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

jameshogg · Posted: Tue Aug 23, 2011 9:16 pm Post subject:

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

gmakerley · Posted: Mon Aug 29, 2011 8:52 am Post subject:

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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co-signer/quit claim deed