Posted on: 05th Oct, 2009 11:19 am
my son owns a townhouse together with a cosigner. he wants to get out of the mortage. my other son would like to buy the townhouse but has poor credit. we would like for my son to be able to buy the townhouse with me as a cosigner.
or maybe if that fails ...they can refinance the thonhouse and remove my son from the mortgage?
or maybe if that fails ...they can refinance the thonhouse and remove my son from the mortgage?
yayaycz this looks like little complicated
One of yorusons no longer wants to be on the mortgage, but your second son wants to take half partnership, but he does not have good credit
So in this situation probably you can have a mutual legal agreement between all the parties involved and agree that the second son will make the payments on the mortgage until he canrefiance the loan in his name
That will help every one
One of yorusons no longer wants to be on the mortgage, but your second son wants to take half partnership, but he does not have good credit
So in this situation probably you can have a mutual legal agreement between all the parties involved and agree that the second son will make the payments on the mortgage until he canrefiance the loan in his name
That will help every one
To yayacz,
The only way your son's name can be removed from the mortgage is through a refinance. If your other son wants to buy the property, he can purchase it from his brother and take over the responsibility of the mortgage through a refinance. However, given his bad credit situation, I think what sunny suggested could be a possible option. They can sign on a legal agreement and your son can continue making the payments till the time he refinances the loan in his name.
The only way your son's name can be removed from the mortgage is through a refinance. If your other son wants to buy the property, he can purchase it from his brother and take over the responsibility of the mortgage through a refinance. However, given his bad credit situation, I think what sunny suggested could be a possible option. They can sign on a legal agreement and your son can continue making the payments till the time he refinances the loan in his name.
Thank you very much for your replies.
I'm thinking that maybe a legal agreement would not help my son that owns the townhouse. i think that the mortgage would still show under
his name as a debt and he would not qualify to buy a house with his girlfriend which is what he wants to do.
i am also thinking that may be they (my son that owns the townhouse and Charles his cosigner) can try to refinance and in the process maybe they can eliminate my son from the mortgage and leave on Charles. Does that soung somthing possible?
I'm thinking that maybe a legal agreement would not help my son that owns the townhouse. i think that the mortgage would still show under
his name as a debt and he would not qualify to buy a house with his girlfriend which is what he wants to do.
i am also thinking that may be they (my son that owns the townhouse and Charles his cosigner) can try to refinance and in the process maybe they can eliminate my son from the mortgage and leave on Charles. Does that soung somthing possible?
Hi Migdalia,
You said it right that a legal agreement will not remove your son's name from the mortgage. However, it will help your other son buy the house in the long run. In case your son wants to get released from the mortgage immediately so he can buy a new house, a refinance is the only way. Yes, the co-singer can help your son in this regard. If Charles (the co-signer) qualifies for a loan on his own, he can refinance the loan solely in his name releasing your son from the obligation.
You said it right that a legal agreement will not remove your son's name from the mortgage. However, it will help your other son buy the house in the long run. In case your son wants to get released from the mortgage immediately so he can buy a new house, a refinance is the only way. Yes, the co-singer can help your son in this regard. If Charles (the co-signer) qualifies for a loan on his own, he can refinance the loan solely in his name releasing your son from the obligation.
Please read the following post to find your answer...
http://www.mortgagefit.com/problems/removename-refinance.html
http://www.mortgagefit.com/problems/removename-refinance.html
Hi everybody
thank you so much for sharing your inf and trying to help me help my son.
we just found out there is nothing we can do because my son owes more than the market value of the townhouse and the bank would only lend up to the market value and we would have to come up with the difference and we just don't have that kind of money. So basically we are stuck with the situation. But we are going to do what you suggested...we are going to make a quitclaim and my other son will make the mortgage payment. my other is planning to rent for know since the mortgage will still be under his name. We pray that this real estate market gets better not only for us but for so many people that are in worst situation.
thank you so much for sharing your inf and trying to help me help my son.
we just found out there is nothing we can do because my son owes more than the market value of the townhouse and the bank would only lend up to the market value and we would have to come up with the difference and we just don't have that kind of money. So basically we are stuck with the situation. But we are going to do what you suggested...we are going to make a quitclaim and my other son will make the mortgage payment. my other is planning to rent for know since the mortgage will still be under his name. We pray that this real estate market gets better not only for us but for so many people that are in worst situation.
if credit score of your son is not good, will he be able to continue with mortgage? think about it