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 michelestpierre
Joined: 29 Oct 2009
Posts: 1
1.41 Dollars($)
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 Posted: Thu Oct 29, 2009 2:08 pm Post subject: co-signer/quit claim deed |
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Josh: ('hook 'em!)
I have a floating home which is personal property, not real estate. Can I put another person on the loan as co-signer then file a Quit Claim Deed to turn over all rights & responsibilities to her??? It is doubtful any bank will make a new loan on it and this seems like the best/only(?) way to get out of it..... help! |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 314
Location: Irvine, CA
60.18 Dollars($)
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| Posted: Thu Oct 29, 2009 5:23 pm Post subject: |
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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.
_________________
Raymond
www.ReverseMortgageCalculator.org |
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michelestpierr
Guest
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| Posted: Thu Oct 29, 2009 6:06 pm Post subject: co-sign ... |
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| but she does not have the cash and the bank will not loan on this houseboat....no long-term lease with marina. |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 314
Location: Irvine, CA
60.18 Dollars($)
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| Posted: Thu Oct 29, 2009 6:16 pm Post subject: |
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Your options are to walk, resulting in credit damage and a judgement, or to lend her the money so she can buy out your current Note. There's no easy way out of the situation.
How'd you get the loan initially, if there isn't a long term lease? Can you introduce her to your current lender?
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Raymond
www.ReverseMortgageCalculator.org |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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| Posted: Fri Oct 30, 2009 2:23 pm Post subject: |
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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.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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wsumeet
Joined: 31 Oct 2009
Posts: 5
1.66 Dollars($)
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| Posted: Sat Oct 31, 2009 9:40 am Post subject: |
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| No thats can't be done |
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swarghade
Joined: 01 Nov 2009
Posts: 7
2.07 Dollars($)
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| Posted: Tue Nov 03, 2009 6:56 am Post subject: |
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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
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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| Posted: Tue Nov 03, 2009 1:37 pm Post subject: |
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swarg...what is it you're trying to accomplish?
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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