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#1
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transfering property deed - mortgage
My friend has agreed to let me buy out their 1/2 interest in our house we live in for X dollars. I will assume sole ownership of the deed and mortgage. Currently our names are on both. Question: Will my mortgage bank (well known national bank) most likely allow me to keep the current terms, rates etc. of my mortgage even though one person is dropping off the deed and the mortgage?..Or will I need to re-qualify? We have a fixed rate loan and a heloc 2nd, with about 15% equity. I'm hoping I do not need to re-qualify on my own. I'd rather hear the bad news from you. Thanks, |
#3
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transfering property deed - mortgage
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#4
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transfering property deed - mortgage
OK thanks for the info. Another scenario: Let's say they remove their
name from the title, but not the mortgage (good friend). Will the bank make me re-qualify in that case? If the friend agreed to keep the name on the mortgage (but not have to make any payments), will that be a disadvantage for them if they go to qualify for a new loan on their own? (assuming the existing loan stays in perfect standing) Is their a difference between a "co-signer" and what my friend currently is on our mortgage? I am the first name listed on it. Not sure if there is any distinction there, or if it is pertinent to the above scenario? Thanks, Jennifer wrote: wrote: My friend has agreed to let me buy out their 1/2 interest in our house we live in for X dollars. I will assume sole ownership of the deed and mortgage. Currently our names are on both. Question: Will my mortgage bank (well known national bank) most likely allow me to keep the current terms, rates etc. of my mortgage even though one person is dropping off the deed and the mortgage?..Or will I need to re-qualify? We have a fixed rate loan and a heloc 2nd, with about 15% equity. I'm hoping I do not need to re-qualify on my own. I'd rather hear the bad news from you. Sorry to be the bearer of bad news, but the only way to get the other person off the mortgage is to refinance. You can't just remove his name from the existing loan. You will need to requalify based on your own personal information. *I am not a loan professional, but I've been reading Bob Bruss' Real Estate Mailbag for years, and somebody asks this question or a variant every few months. The answer is always the same. (http://www.washingtonpost.com/wp-dyn...071100610.html) -- Jennifer |
#5
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transfering property deed - mortgage
wrote in message ps.com... OK thanks for the info. Another scenario: Let's say they remove their name from the title, but not the mortgage (good friend). Will the bank make me re-qualify in that case? You seem awfully afraid to re-qualify. What are you afraid of? If you can't qualify, there are lots of other ways. You say the guys a good friend. Just leave everything as it is a do a Contract to Deed with him. File it at the court house and go on about your way. It's in his best interest that the mortgage gets paid off and it is in your best interest that it does, so you both have something to lose if the deal goes sour between the two of you. It keeps you both honest and the courthouse filing makes sure that you get clear deed when the mortgage is paid. This is about the only time that a Contract to Deed is recommended. -- Want to see your future? http://www.spp.gov/ I don't pay any attention to what politicians say. IT'S WHAT THEY DO THAT MOVES ME TO VOTE! JC |
#6
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transfering property deed - mortgage
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#7
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