Posted on: 22nd Jan, 2009 10:28 am
Hi, I live in Virginia and I bought a house with my Parents and my Two other Brother in 2002. At that time I used to live with my Parents and was not married. Then after getting married I bought a house with my wife and was able to qualify for the house. Now, I'm having harsh time qualifying for any other loans because my name is on Both loans (my parents house and my current House). I would like to know what steps to remove my name from his house are. He and my brothers have been making the payment on their house. They are not interested in refinancing their mortgage because their current interest rate is 4.5%
I have heard about “qualifying assumptionâ€. I would like to know the difference between “qualifying†and “non qualifying†assumption. And at this point which is the best option for me.
I have heard about “qualifying assumptionâ€. I would like to know the difference between “qualifying†and “non qualifying†assumption. And at this point which is the best option for me.
hi abdulkhan!
welcome to forums!
refinancing the mortgage will be the best way to remove your name from the mortgage. moreover lenders also prefer refinancing over assumption and novation.
in case of a qualifying assumption, your parents and brothers will have to qualify for the loan. the lender will check their income, credit report etc. in case of a non-qualifying assumption. they will not have to qualify for the loan. but as far as i know, in case of a non-qualifying assumption, the lender will have the right to ask you pay the debts if your brothers and parents cannot pay it off.
feel free to ask if you have further queries.
sussane
welcome to forums!
refinancing the mortgage will be the best way to remove your name from the mortgage. moreover lenders also prefer refinancing over assumption and novation.
in case of a qualifying assumption, your parents and brothers will have to qualify for the loan. the lender will check their income, credit report etc. in case of a non-qualifying assumption. they will not have to qualify for the loan. but as far as i know, in case of a non-qualifying assumption, the lender will have the right to ask you pay the debts if your brothers and parents cannot pay it off.
feel free to ask if you have further queries.
sussane
i live in houston, texas and my sister and brother bought the house at 1993. at that time i used to live with my brother and my sister and still single. they left houston since 1998 and since they left i am the one paying the monthly mortgage. i am now married. my sister told me that she can add me to the title/deed for a non-qualiying assumption type. my question now is can we refinance it? because the interest rate if fixed and its too high?
just so i will know...once you are added to title, the home will be owned by you, your sister and your brother..right? as the owners, yes, a refinance is certainly allowable.
please correct me if i made any incorrect assumption.
please correct me if i made any incorrect assumption.
Hi
I agree with George. Once you are added to the title to the property you will be its legal owner. Now, if you have a decent credit score and income, there shouldn't be any problem for you to refinance the current mortgage in your name.
I agree with George. Once you are added to the title to the property you will be its legal owner. Now, if you have a decent credit score and income, there shouldn't be any problem for you to refinance the current mortgage in your name.
Hi,
From your question you are trying to remove name from mortage.
For that you need to ask your lender & refinance the mortage so you can remove name from mortage & add new name on that. I thing this is the best way for you. OR try to gather information from other sources so that you can will get best idea for your problem.
Thanks
Dilip
From your question you are trying to remove name from mortage.
For that you need to ask your lender & refinance the mortage so you can remove name from mortage & add new name on that. I thing this is the best way for you. OR try to gather information from other sources so that you can will get best idea for your problem.
Thanks
Dilip
dilip, your response was to a post from january of this year. we've now got a new post on the table from the other day. in that post, we are presented with a new scenario in which someone is being added to title.