Posted on: 04th Jan, 2011 08:25 pm
My son is breaking up with a girl who he lived with for two years, both names are om mortgage. Neither can afford the mortgage alone and the house is worth less than they paid for it. I am willing as the father to assume the mortgage with my son if the girlfriend signs a quit claim form. The bank tells me I cannot be added to the mortgage as a co-owner even though I would accept responsibility for the original higher loan amount, why not?
By selling the house they both will lose 50000 dollars because of the drop in prices since it was bought. I am willing to assume the loan at the higher amount with my son and both our names on the mortgage. it seems the bank is more willing to let the house go into foreclosure than accept something more beneficial to all parties.
By selling the house they both will lose 50000 dollars because of the drop in prices since it was bought. I am willing to assume the loan at the higher amount with my son and both our names on the mortgage. it seems the bank is more willing to let the house go into foreclosure than accept something more beneficial to all parties.
Hi mplefand,
You should ask the lender to give you the correct reason as to why you cannot be added to the property deed and the loan. The lender will be the best person to give you the correct reason.
Thanks
You should ask the lender to give you the correct reason as to why you cannot be added to the property deed and the loan. The lender will be the best person to give you the correct reason.
Thanks
I asked the lender this question in the beginning,
There answer was that the property would have to be reappraised and a new loan issued.
Problem is house currently has a 270,000 mortgage, and the current market value is only 220,000.
The 50,000 difference would have to be paid up front to secure the new loan.
The house could not be refinanced for the original 270,000 because the appraiser said current market value is the 220,000.
There answer was that the property would have to be reappraised and a new loan issued.
Problem is house currently has a 270,000 mortgage, and the current market value is only 220,000.
The 50,000 difference would have to be paid up front to secure the new loan.
The house could not be refinanced for the original 270,000 because the appraiser said current market value is the 220,000.