Posted on: 24th Nov, 2011 09:55 am
i bought a house and put my boyfriend on the title. big mistake, but he is only a co-signer for the property. will i have to refinance the house to get his name off the mortgage and title? any suggestions. he will not leave the property till it is changed solely into my name..thank-you
Hello roberts,
Yes there name will appear, but luckily after the 1st year, you can go to the city registery and have there name removed.
:idea:
Yes there name will appear, but luckily after the 1st year, you can go to the city registery and have there name removed.
:idea:
Welcome robertscd,
You will have to refinance the mortgage and get the mortgage transferred in your name solely. However, as far as the property deed is concerned, you need to contact him and ask him to quitclaim the property to you. Unless he quitclaims the property to you, you shouldn't refinance the mortgage in your name. If you do so, he will remain the owner of the property but won't remain liable for the mortgage payments anymore.
You will have to refinance the mortgage and get the mortgage transferred in your name solely. However, as far as the property deed is concerned, you need to contact him and ask him to quitclaim the property to you. Unless he quitclaims the property to you, you shouldn't refinance the mortgage in your name. If you do so, he will remain the owner of the property but won't remain liable for the mortgage payments anymore.
When you refinace, doesnt it go through the title company again? Hense changing the name on the title? Why do they quitclaim?
If your boyfriend is on title and on the mortgage, he is a co-borrower, not a co-signer.
He is on title, so, he is an owner.
Co-signers are not on title, they are only on the mortgage.
You need to refinance to get his name off mortagge and title. He is an owner. He needs to agree to mlet you refinance without having to pay him anything to buy him out.
If your existing mortgage is FHA, you may be able to assume it
If your existing mortgage is owned by Fannie Mae or Freddie Mac and you have made the last twelve mortgage payments from an account that is only in your name, not joint with him, you may be able to refinance into your name only even if the proeprty value is less than the present mortgage balance.
He is on title, so, he is an owner.
Co-signers are not on title, they are only on the mortgage.
You need to refinance to get his name off mortagge and title. He is an owner. He needs to agree to mlet you refinance without having to pay him anything to buy him out.
If your existing mortgage is FHA, you may be able to assume it
If your existing mortgage is owned by Fannie Mae or Freddie Mac and you have made the last twelve mortgage payments from an account that is only in your name, not joint with him, you may be able to refinance into your name only even if the proeprty value is less than the present mortgage balance.
