can a property be refinanced by only one of four owners
can a property be refinanced by only one of four owners
a two family property, owned equally by all located in NYS
property has two separate dwellings on it .
mortgage is being pd. by only one person because the majority of the burden was shared by the other three.
all names are on property deed.
the concern is can he reappraise and refinance without other consent
2 Answers
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Have the others that do not want to be responsible for new mortgage to sign a quit claim deed. That removed thier interest from the property and allows you to finance it on your own. You would have to fully qualify since the others are no longer wanting interest or responsiblity in the property/mortgage. No way could you refinance without their consent. Even if they didn't want responsiblity for the new mortgage, they'd have to be present to acknowledge/sign for their interest in the property -but not for responsiblity. Either way they are involved.
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If they are on the paperwork (deed) you will have to have their cooperation
no way to do a loan without their written permission
Good Luck
Brian Barnes
Senior Mortgage Advisor loans in all 50 states
Brian@AimWithFocus.com