co-signer/quit claim deed

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Icon Mini Profile michelestpierre





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Post 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!
Icon Mini Profile raymond
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Post 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.
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michelestpierr

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Post 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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Post 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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Icon Mini Profile gmakerley
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Post 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.
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Icon Mini Profile wsumeet





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Post Posted: Sat Oct 31, 2009 9:40 am    Post subject:
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No thats can't be done
Icon Mini Profile swarghade





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Post 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.
Icon Mini Profile gmakerley
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Post Posted: Tue Nov 03, 2009 1:37 pm    Post subject:
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swarg...what is it you're trying to accomplish?
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Post Posted: Tue Aug 23, 2011 3:08 am    Post subject: quitclaim deed
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does a copsigner need to be involve in all the proceeding of refinance for a quitclaim deed?
Icon Mini Profile jameshogg
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Post Posted: Tue Aug 23, 2011 9:16 pm    Post subject:
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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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Post Posted: Mon Aug 29, 2011 8:52 am    Post subject:
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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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