Posted on: 17th Feb, 2011 08:48 am
Hello. I'm looking for some advice. My husband and I live in a townhouse that is owned by him and my father in law. We are desperately trying to move only because our house is so far from work, family, friends etc.
We owe about 164,314 on our mortgage and the house is currently worth around $145,665.
They've told me refinancing wouldn't be an option since we're under water.
I've also heard that if I rent out my current house (which was our plan), and buy another one, I'd still have to qualify for BOTH mortgages which means we'd have to make A LOT of money. My husband makes about $70k a year and I make about $30k. We have about $50k saved for a down payment.
Short of walking away from the property and ruining my husband and father in law's credit, someone suggested using a Quick Claim Deed and taking my husband's name off the title so that we'd be free to apply, and qualify more eailsy, for another loan. Reading some of these boards it seems that just because he's off the title, doesn't mean he's off the mortgage. Is that correct?
We would keep paying my FIL for the house and he is ok with that but would we be free to apply for another house loan without having to qualify for both mortgages?
Any suggestions on this situation?
Thanks so much.
We owe about 164,314 on our mortgage and the house is currently worth around $145,665.
They've told me refinancing wouldn't be an option since we're under water.
I've also heard that if I rent out my current house (which was our plan), and buy another one, I'd still have to qualify for BOTH mortgages which means we'd have to make A LOT of money. My husband makes about $70k a year and I make about $30k. We have about $50k saved for a down payment.
Short of walking away from the property and ruining my husband and father in law's credit, someone suggested using a Quick Claim Deed and taking my husband's name off the title so that we'd be free to apply, and qualify more eailsy, for another loan. Reading some of these boards it seems that just because he's off the title, doesn't mean he's off the mortgage. Is that correct?
We would keep paying my FIL for the house and he is ok with that but would we be free to apply for another house loan without having to qualify for both mortgages?
Any suggestions on this situation?
Thanks so much.
That would not take his name off of the note and would not change anything as far as helping to qualify for a loan.
Actually he would owe for a property he no longer has legal rights to.
B
Actually he would owe for a property he no longer has legal rights to.
B