Posted on: 24th Jul, 2009 06:54 am
my twin sister & i bought our house a little over 2 years ago. she recently got engaged, now wants to move out/buy a house with her fiance. the problem is that our house is worth less than what we had oringinally bought it for. is there any way of getting her off the mortgage without having to refinance?? i know that if we try to refinance it will cost a large amt of money
you can assume the mortgage. by this way you can save on refinance cost.
how to buy a house assuming a mortgage, which is also called subject to existing mortgage. it has some restrictions such as only applicable for adjustable mortgage and FHA loans. For your situation, i think you will have to ask lenders if you can do the assume the mortgage, if you can , how much it will take. if you can assume the mortgage and it cost less then refinance. that would be a better option for you .Hope this helps!