Posted on: 05th Jun, 2009 06:52 am
hi,
a few years back myself and my friend bought a house in merced ca as an investment property for about #306000. the title is in joint names, whereas the mortgage is in my name only. so far we have been sharing the losses. my friend doesn't want to share the loss anymore and so would like to let it foreclose. my questions are:
1. if i want to transfer the tile to just my friend's name, what do i need to do?
2. what will happen to the mortgage if i transfer to just my friend's name? the loan (240000) is much more than the house value (160000). i don't think any one would want to refinance the house. if so can the current mortgage and interest rate be transfered to my friend?
3. if my friend forecloses the house, will my credit history get affected?
thanks in advance!
a few years back myself and my friend bought a house in merced ca as an investment property for about #306000. the title is in joint names, whereas the mortgage is in my name only. so far we have been sharing the losses. my friend doesn't want to share the loss anymore and so would like to let it foreclose. my questions are:
1. if i want to transfer the tile to just my friend's name, what do i need to do?
2. what will happen to the mortgage if i transfer to just my friend's name? the loan (240000) is much more than the house value (160000). i don't think any one would want to refinance the house. if so can the current mortgage and interest rate be transfered to my friend?
3. if my friend forecloses the house, will my credit history get affected?
thanks in advance!
Guest,
Welcoem to the forum.
If you want to trasnfer the property to yoru frined, then you can give hima quite claim deed.
Only way to transfer the loan woudl be, your friend needs to refiannce.
If your friend forcloses the property afetr he refiannces then it will nto affect you in any way, if your name is not on the loan.
Good luakc and feel free to ask
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly.
Welcoem to the forum.
If you want to trasnfer the property to yoru frined, then you can give hima quite claim deed.
Only way to transfer the loan woudl be, your friend needs to refiannce.
If your friend forcloses the property afetr he refiannces then it will nto affect you in any way, if your name is not on the loan.
Good luakc and feel free to ask
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly.
Hi Guest,
As the title is in the joint names, you can sign a quitclaim deed to transfer the property to your friend. However, transferring the property to your friend will not release you from the liability of paying the mortgage dues. As the mortgage is still in your name, you are responsible for the dues. If the property is foreclosed by the lender, then your credit will get effected.
Your friend will have to refinance the property in order to release you from the liability of paying the mortgage. But as the property is upside down, it would be difficult for him to refinance the loan.
Thanks
As the title is in the joint names, you can sign a quitclaim deed to transfer the property to your friend. However, transferring the property to your friend will not release you from the liability of paying the mortgage dues. As the mortgage is still in your name, you are responsible for the dues. If the property is foreclosed by the lender, then your credit will get effected.
Your friend will have to refinance the property in order to release you from the liability of paying the mortgage. But as the property is upside down, it would be difficult for him to refinance the loan.
Thanks
Thanks for all the responses.
Can I transfer my current mortgage to my friend (and also
transfer the deed) using my current mortgage terms?
Since the house is upside down, it's impossible for
my friend to refinance. So, can I ask the lender to transfer
the mortgage to my friend (who is not on the current
mortgage).
Do I need an attorney do all these or can I do it myself?
If I use someone else, how much can I expect to pay?
Thanks!
Can I transfer my current mortgage to my friend (and also
transfer the deed) using my current mortgage terms?
Since the house is upside down, it's impossible for
my friend to refinance. So, can I ask the lender to transfer
the mortgage to my friend (who is not on the current
mortgage).
Do I need an attorney do all these or can I do it myself?
If I use someone else, how much can I expect to pay?
Thanks!
hi guest!
welcome to forums!
you can transfer the property to your friend with the help of a quitclaim deed. however, this will not help you to transfer the mortgage in your friend's name. you friend will have to either refinance the loan in his name or go for a novation. but as the property is upside down, it will be hard for your friend to refinance it.
you can contact your lender and discuss your options with him. if you do not feel confident enough, then you can hire an attorney.
feel free to ask if you have further queries.
sussane
welcome to forums!
you can transfer the property to your friend with the help of a quitclaim deed. however, this will not help you to transfer the mortgage in your friend's name. you friend will have to either refinance the loan in his name or go for a novation. but as the property is upside down, it will be hard for your friend to refinance it.
you can contact your lender and discuss your options with him. if you do not feel confident enough, then you can hire an attorney.
feel free to ask if you have further queries.
sussane