Posted on: 28th Sep, 2011 09:47 am
what if my husband sister want to get some mortgage out of her name, but it's not paid off? What can we do to get it in our name? We been living there for about 3yrs now
Hello guest?
The ONLY way to do this is to refinance the loan. The loan was made using two people to qualify and take financial liablilty. It is a legal contract and must be satisfied by a new contract. This can be done by the existing lender or a new lender, but take into consideration that his qualifications will not longer be considered.
If he agrees, you can remove him from title (ownership of the home) but this will NOT relieve anyone of any financial responsibilities. Additionally, many lenders have stipulations in the loan documents that prohibits changes to the title of the home.
:idea:
The ONLY way to do this is to refinance the loan. The loan was made using two people to qualify and take financial liablilty. It is a legal contract and must be satisfied by a new contract. This can be done by the existing lender or a new lender, but take into consideration that his qualifications will not longer be considered.
If he agrees, you can remove him from title (ownership of the home) but this will NOT relieve anyone of any financial responsibilities. Additionally, many lenders have stipulations in the loan documents that prohibits changes to the title of the home.
:idea:
Hey guest !
Refinancing a mortgage is exchanging the terms of the loan for new terms. You may swap out the terms if you are financially unstable or cannot make further payments in full. There are many different plans you can choose in order to help you pay back the lenders investment, including changing the name on the mortgage. Another option could be to extend your mortgage to lower your monthly payment and make it more affordable.
Hope this helped you out !
Best Regards!
[External link deactivated as per forum rules. Thanks.]
Refinancing a mortgage is exchanging the terms of the loan for new terms. You may swap out the terms if you are financially unstable or cannot make further payments in full. There are many different plans you can choose in order to help you pay back the lenders investment, including changing the name on the mortgage. Another option could be to extend your mortgage to lower your monthly payment and make it more affordable.
Hope this helped you out !
Best Regards!
[External link deactivated as per forum rules. Thanks.]