Posted on: 09th Nov, 2009 09:51 am
HELLO
BOTH MY FIANCEE AND HIS DAD ARE ON THE MORTGAGE FOR OUR HOUSE,WE ALL 3 ARE ON THE TITLE(DEED) BUT I WOULD LIKE TO REMOVE MY FATHER IN LAW AND ADD ME ON THE MORTGAGE WITH MY FIANCEE,CAN WE DO THIS WITHOUT REFINANCING?
BOTH MY FIANCEE AND HIS DAD ARE ON THE MORTGAGE FOR OUR HOUSE,WE ALL 3 ARE ON THE TITLE(DEED) BUT I WOULD LIKE TO REMOVE MY FATHER IN LAW AND ADD ME ON THE MORTGAGE WITH MY FIANCEE,CAN WE DO THIS WITHOUT REFINANCING?
hi,
the lender, in all probability, will not want to take your father-in-laws name off the loan until the loan is refinanced. given the market condition, it is unlikely that any lender would want to take a borrower off the loan. if the loan is assumable, you can assume the loan and get your name added to the loan. but to take your father-in-law's name from the mortgage, a refinance seems to be the only way.
the lender, in all probability, will not want to take your father-in-laws name off the loan until the loan is refinanced. given the market condition, it is unlikely that any lender would want to take a borrower off the loan. if the loan is assumable, you can assume the loan and get your name added to the loan. but to take your father-in-law's name from the mortgage, a refinance seems to be the only way.
hi and thanks but even if we remove him and add me in his place i would still have to refinance?
Yes, you have to refinance . You have to qualify for the loan. You have to be the one on the contract with the mortgage company.
hi my partner and his friend are buying a house together because there prociedable as neither has a mortgage. Im trying to sell my house and have nearly 80000 equity which once i have sold i want to put into my partners new home and put my name on mortgage with him and take his friend off is this possible and what would the cost be. they are buying the house at 205000 with 25000 deposit and 180000 loan. I would pay off 70000 when i sale.
Hi beckyboo!
Welcome to forums!
It is possible to remove the friend of your partner from the mortgage if you refinance the loan in your name and your partner's name. You will also have to remove his name from the property deed by asking him to sign a quit claim deed. While you refinance the loan, you will have to pay the closing costs and other related costs associated with refinance.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is possible to remove the friend of your partner from the mortgage if you refinance the loan in your name and your partner's name. You will also have to remove his name from the property deed by asking him to sign a quit claim deed. While you refinance the loan, you will have to pay the closing costs and other related costs associated with refinance.
Feel free to ask if you've further queries.
Sussane