Posted on: 30th Aug, 2006 01:59 am
I have a big problem
I own three multi-family houses.. the first house, my uncle helped me buy it because I couldn't qualify for the loan myself. It is almost 4 years now. He was trying to buy a house a month ago, and the lender told him that he has a house under him and he don't qualify for another loan. My question is, is there anyway I can remove him from the mortgage without refinancing. Currently I have a 5.5 30 year fix on the mortgage, and I don't want to lose the rate nor refinance.
I own three multi-family houses.. the first house, my uncle helped me buy it because I couldn't qualify for the loan myself. It is almost 4 years now. He was trying to buy a house a month ago, and the lender told him that he has a house under him and he don't qualify for another loan. My question is, is there anyway I can remove him from the mortgage without refinancing. Currently I have a 5.5 30 year fix on the mortgage, and I don't want to lose the rate nor refinance.
Hi DD!
Welcome to forums!
You're query has been replied to in the given page:
http://www.mortgagefit.com/know-how/novation-mtg-8.html#169711
Take a look at it. Hope it helps you.
Sussane
Welcome to forums!
You're query has been replied to in the given page:
http://www.mortgagefit.com/know-how/novation-mtg-8.html#169711
Take a look at it. Hope it helps you.
Sussane
my husband has asked me to write a letter to a friend of his to say i am happy to take my name of the title deeds & the joint morgage, for a settlememt of money . Is this the right thing to do ?
Welcome pauline,
Will you be really happy to remove your name from the property and the joint mortgage for a settlement of money? If not, then you shouldn't be writing any such letter.
Will you be really happy to remove your name from the property and the joint mortgage for a settlement of money? If not, then you shouldn't be writing any such letter.
My grandmother was my co-borrower on my mortgage. She passed away 2 weeks ago.How do I go about removing her name? Or do I go on continuing to leave her name on the deed.I've had my place for 8yrs and 11mo. and in the process of looking for a loan modification. :cry:
i would like to know how to get a co borrower off the loan if they are deceased?
I own a condo and pay an FHA mortgage with my mom. I would like to remove her as co borrower to sell the condo. Her and I are incapable of maintaining payments but she does not want to sell. How can I remove her so I can sell the property and not hurt my credit or future of buying another home?
Hi wayne,
If your mother's name is mentioned on the property deed, then you need to ask your mother to sign a quitclaim deed and transfer the property to you. This will make you the sole owner of the property and you can sell it off. However, if your mother's name is not mentioned on the property deed, then you can sell off the property without your mother's permission and pay off the mortgage with the sale price of the property.
Thanks
If your mother's name is mentioned on the property deed, then you need to ask your mother to sign a quitclaim deed and transfer the property to you. This will make you the sole owner of the property and you can sell it off. However, if your mother's name is not mentioned on the property deed, then you can sell off the property without your mother's permission and pay off the mortgage with the sale price of the property.
Thanks
If your Mom is not amenable to a sale, she surely won't be amenable to simply forfeiting her ownership rights to this property. You'll be best served to consult with a real estate attorney to iron this problem out, and quickly.
I'm co-borrower , I had been paying for a year all my payments. My brother is the buyer at the home , i got married , he is not married gonna be a father an his girlfriend living here is a nightmare , also she always against my mother also living here, what I can do if he just said I gonna drop the home? Go to the place ... With out telling me about what he is doing to the home .... He said also he gonna put me has a responsanble off the 100% because he don't want a live not more here at home , me not agree .that he can make me be 100% off home without consentiment?
Hi Sari,
Without your consent, none can make you fully responsible for the mortgage payments. Unless you refinance the mortgage in your name, you won't be fully responsible for the loan. However, if your brother files bankruptcy and gets a discharge from this debt, then the lender may come after you to recover the payments in full.
Thanks
Without your consent, none can make you fully responsible for the mortgage payments. Unless you refinance the mortgage in your name, you won't be fully responsible for the loan. However, if your brother files bankruptcy and gets a discharge from this debt, then the lender may come after you to recover the payments in full.
Thanks
In property settlement ...I bought out ex husbands part of the house..the judge gave me the house and it is file at the court house...how can I get this mortage in my name only without refinancing...
hi debbie!
welcome to forums!
you can apply for a novation or assumption of loan in order to get the loan transferred in your name. however, in most cases, the lender will prefer a refinance over a novation or assumption.
feel free to ask if you've further queries.
sussane
welcome to forums!
you can apply for a novation or assumption of loan in order to get the loan transferred in your name. however, in most cases, the lender will prefer a refinance over a novation or assumption.
feel free to ask if you've further queries.
sussane
Girlfriend and I are co-borrowers on a car. Girlfriend has left and no longer uses or makes payments on car. Bank refuses to take her off loan. Is she obligated to make half of the payment. We owe more on car then it is worth. Selling is not practical.
Girlfriend and I are co-borrowers on a car. Girlfriend has left and no longer uses or makes payments on car. Bank refuses to take her off loan. Is she obligated to make half of the payment. We owe more on car then it is worth. Selling is not practical.