Posted on: 18th Jul, 2011 06:18 pm
i have a friend who desires to buy a property with all three of her sons. each of them is putting an equal amount of down payment in order to qualify, so there will be 4 people on title and on the loan documents. if for some reason one of the parties wants to get off title and buy something on their own, could they do a quit claim deed? if so, would the remaining parties be required by their mortgage company to refinance and establish another loan without the one sibling on the title/loan? (the house will still have a substantial mortgage).
Hi Leslie!
Welcome to forums!
The person who wants to remove his/her name from the property will have to sign a quitclaim deed in the favor of others. If that person is on the mortgage, then others will have to refinance the mortgage in order to remove that person from the mortgage docs.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The person who wants to remove his/her name from the property will have to sign a quitclaim deed in the favor of others. If that person is on the mortgage, then others will have to refinance the mortgage in order to remove that person from the mortgage docs.
Feel free to ask if you've further queries.
Sussane