Posted on: 30th Aug, 2006 01:59 am
I have a big problem
I own three multi-family houses.. the first house, my uncle helped me buy it because I couldn't qualify for the loan myself. It is almost 4 years now. He was trying to buy a house a month ago, and the lender told him that he has a house under him and he don't qualify for another loan. My question is, is there anyway I can remove him from the mortgage without refinancing. Currently I have a 5.5 30 year fix on the mortgage, and I don't want to lose the rate nor refinance.
I own three multi-family houses.. the first house, my uncle helped me buy it because I couldn't qualify for the loan myself. It is almost 4 years now. He was trying to buy a house a month ago, and the lender told him that he has a house under him and he don't qualify for another loan. My question is, is there anyway I can remove him from the mortgage without refinancing. Currently I have a 5.5 30 year fix on the mortgage, and I don't want to lose the rate nor refinance.
Can a coborrower put a house up for sale when the borrower is living in the house
"putting a house up for sale" is, frankly, different than selling it. i suppose it's entirely possible to do that. however, if someone comes along to buy that home, all owners must be available to sign the appropriate documents for the sale.
that may not answer your question the way you were hoping, but i think it sheds some light on the situation for you. please respond if you need more clarity.
that may not answer your question the way you were hoping, but i think it sheds some light on the situation for you. please respond if you need more clarity.
From what I understand. If I want to get out of a loan where my dad is primary and I am co borrower, chances are it can be done and I wont be held responsible by any means.
Ishaq,
Refer to the following thread...
http://www.mortgagefit.com/problems/removename-refinance.html
Refer to the following thread...
http://www.mortgagefit.com/problems/removename-refinance.html
Hello,
My sister and I recently purchased a house together just like in May, I was really stupid enough to do this with her and I've run into many problems because of this house, and I told her that to remove my name all she has to do is refinance, she doesn't believe me, So What should I tell her so that she believes me and try to get my name removed from the house so I wont end up killing myself in the end??
My sister and I recently purchased a house together just like in May, I was really stupid enough to do this with her and I've run into many problems because of this house, and I told her that to remove my name all she has to do is refinance, she doesn't believe me, So What should I tell her so that she believes me and try to get my name removed from the house so I wont end up killing myself in the end??
Hi,
A refinance will surely take your name off the loan if your sister refinances in her own name. But she needs to have good credit score and sufficient income in order to qualify for the refinance on her own. What you can do to make her believe you is, let her talk with a lender regarding this and let her ask him if a refinance would indeed take your name off the loan. This should give her the answers to all her queries.
A refinance will surely take your name off the loan if your sister refinances in her own name. But she needs to have good credit score and sufficient income in order to qualify for the refinance on her own. What you can do to make her believe you is, let her talk with a lender regarding this and let her ask him if a refinance would indeed take your name off the loan. This should give her the answers to all her queries.
but I heard that you have to wait a certain time to be able to refinance, is that true?
Hi.. i currently am a co buyer on a mortgage loan.. the buyer got orders to another state with the military...how hard is it for myself and my wife to take over the loan and have his name removed?
Hi jamisont,
The buyer who moved to a different state has ownership rights to the property. You cannot remove his name from title, unless he signs over the ownership to you. As far as the mortgage loan is concerned, you are a co-borrower, right? If it is right then you are equally responsible for the mortgage and if the buyer stops making payments, the lender will come after you. In case you want to take over the entire mortgage liability, you can refinance the loan in your name.
The buyer who moved to a different state has ownership rights to the property. You cannot remove his name from title, unless he signs over the ownership to you. As far as the mortgage loan is concerned, you are a co-borrower, right? If it is right then you are equally responsible for the mortgage and if the buyer stops making payments, the lender will come after you. In case you want to take over the entire mortgage liability, you can refinance the loan in your name.
co-borrower family wants half of the house the co-borrower never but a dime on te mortgage payments we went to court now i have to sell the house just to give them 25 percent. my credit not good so i cant refinace what im sppose to do, my house not selling i even brought the house down some but still not selling the decease want to take me back to court.
Hi boobala,
" co-borrower family wants half of the house the co-borrower never but a dime on te mortgage payments we went to court now i have to sell the house just to give them 25 percent."
The co-borrower is forcing you to sell the house, right? Is he on the property title, besides being on the mortgage? If he is in deed on the property title, he does have a right to the property and can claim his interest. But if he is not on the title, he cannot force you to sell the house. Do you use this property as your primary residence? If you do, then the court may not order a forced sale of the house, if you do not intend to sell it. You can consult a lawyer to know what rights you have in case the co-borrower takes this matter to court.
" co-borrower family wants half of the house the co-borrower never but a dime on te mortgage payments we went to court now i have to sell the house just to give them 25 percent."
The co-borrower is forcing you to sell the house, right? Is he on the property title, besides being on the mortgage? If he is in deed on the property title, he does have a right to the property and can claim his interest. But if he is not on the title, he cannot force you to sell the house. Do you use this property as your primary residence? If you do, then the court may not order a forced sale of the house, if you do not intend to sell it. You can consult a lawyer to know what rights you have in case the co-borrower takes this matter to court.
my ex-girlfriends name is in-correct on our joint mortgage she signed , could she be void of this mortgage
Hi Austin,
Your ex-girlfriend's name may be spelt incorrectly on the mortgage deed due to some mistake, but this is unlikely to release her from her mortgage responsibilities. The fact that she signed on the mortgage note does not change in any way. She still remains responsible for the mortgage.
Your ex-girlfriend's name may be spelt incorrectly on the mortgage deed due to some mistake, but this is unlikely to release her from her mortgage responsibilities. The fact that she signed on the mortgage note does not change in any way. She still remains responsible for the mortgage.
i have gone through "quit claim" and "turn over mortgage" with my ex wife and was told that the "turn over mortgage" would remove my name and will not be liable for the mortgage anymore. 4 years has passed and now i got a call from a bank saying that i have a "black mark" in my credit because "i" have not paid mortgage in 60 days---well, i don't have a mortgage as far as i know. i received a letter from the countrywide then (4 years ago) acknowledging i am no longer liable for the mortgage. unfortunately, since it has been so long, i can not locate that piece of paper anymore. countrywide is now bank of america and i am not sure how that piece of information from countrywide did not carryover to bank of america. turn over mortgage does take out my name in the mortgage, right? how else, other than the now lost piece of paper, can i prove that i am no longer in that mortgage?
thanks for your response!
sorry, i posted this question in the "novation forum" but i think this is the correct forum that is why i reposted....thanks
thanks for your response!
sorry, i posted this question in the "novation forum" but i think this is the correct forum that is why i reposted....thanks