Posted on: 02nd Jun, 2010 03:06 pm
i have had my mortgage for 2 years but i can no longer afford payments at 7.25%. alone i do not qualify to re-finance, but my boyfriend of 3 years is moving in and qualifies for a very low rate. the bank i spoke with said he has to be on the deed for 6 month's before we can do anything with the new finance laws in ny.... is this right? can i just sell it to him and somehow have both our names on the deed? if this were possible, what fees would be involved as far as taxes ect? i have put a significant amount down, and into the apartment so we were going to sign a personal covenant, is this also the correct move?
not that i agree with this idea totally, but if we were to get married sooner than expected would this qualify to refinance immediately?
i would really appreciate any relevant advice in this matter as our time is costing $. thank you
not that i agree with this idea totally, but if we were to get married sooner than expected would this qualify to refinance immediately?
i would really appreciate any relevant advice in this matter as our time is costing $. thank you
Welcome hollyariel,
You can sign a quit claim deed and add your boyfriend's name to the property deed. You will have to wait for 6 months and then both of you can apply for a refinance. As far as signing a personal covenant is concerned, you should contact an attorney and he will guide you in this matter. I don't think getting married sooner will help you in refinancing the loan any faster.
You can sign a quit claim deed and add your boyfriend's name to the property deed. You will have to wait for 6 months and then both of you can apply for a refinance. As far as signing a personal covenant is concerned, you should contact an attorney and he will guide you in this matter. I don't think getting married sooner will help you in refinancing the loan any faster.
I will probably wind up doing a quit claim deed, however do you or anyone else know how I would go about privately selling the apartment to him? In other words would we each need a lawyer, would a broker be involved and what sort of taxes and fees would have to be paid? I know this is probably a silly question however all of these legal avenues confuse me :(
If you want to privately sell off the property, then you don't need to take the help of a broker. Both of you can contact your individual attorney and draw up a transfer deed. The attorney will let you know what type of taxes and fees you will have to pay.