Posted on: 11th Apr, 2010 10:05 am
Hi,
I want to modify the loan on my house. My Dad helped me re-finance several years ago, and is listed on the deed, though I make all payments etc.
I'm worried that if I modify his credit will be dinged, and I would rather get him off the deed or whatever with the lender first so that he is not affected by the modification.
Is this possible, and very quickly?
thank you!
I want to modify the loan on my house. My Dad helped me re-finance several years ago, and is listed on the deed, though I make all payments etc.
I'm worried that if I modify his credit will be dinged, and I would rather get him off the deed or whatever with the lender first so that he is not affected by the modification.
Is this possible, and very quickly?
thank you!
hi kn,
the modification of the loan will not affect your father's credit if his name is on the property deed. it will affect him only if his name is on the mortgage. as far as i can understand, your father's name is mentioned on the property deed. in that case, you'll have to refinance the loan in order to remove him from the mortgage. as you're looking for a loan modification, i think you've already defaulted your mortgage payments. in that case, you won't be able to refinance the loan to remove him from the mortgage docs.
the modification of the loan will not affect your father's credit if his name is on the property deed. it will affect him only if his name is on the mortgage. as far as i can understand, your father's name is mentioned on the property deed. in that case, you'll have to refinance the loan in order to remove him from the mortgage. as you're looking for a loan modification, i think you've already defaulted your mortgage payments. in that case, you won't be able to refinance the loan to remove him from the mortgage docs.