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Company Loan Type APR Est. Pmt.

co-signer/quit claim deed

Posted on: 29th Oct, 2009 02:08 pm
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!
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.
Posted on: 29th Oct, 2009 05:23 pm
but she does not have the cash and the bank will not loan on this houseboat....no long-term lease with marina.
Posted on: 29th Oct, 2009 06:06 pm
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?
Posted on: 29th Oct, 2009 06:16 pm
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.
Posted on: 30th Oct, 2009 02:23 pm
No thats can't be done
Posted on: 31st Oct, 2009 09:40 am
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.
Posted on: 03rd Nov, 2009 05:56 am
swarg...what is it you're trying to accomplish?
Posted on: 03rd Nov, 2009 12:37 pm
does a copsigner need to be involve in all the proceeding of refinance for a quitclaim deed?
Posted on: 23rd Aug, 2011 03:08 am
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
Posted on: 23rd Aug, 2011 09:16 pm
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.
Posted on: 29th Aug, 2011 08:52 am
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