Posted on: 27th Mar, 2009 01:45 pm
Can changing from sole owner to a joint tenancy on a deed effect your loan?
hi logandegina,
it can affect the loan, because most of the loans come with a 'due on sale' clause which allows the lender to call the loan amount due if any transfer of ownership takes place. thus, i think you should inform your lender about the change you want to make to the title before going ahead with it. you might be asked to refinance it in you and your joint owner's name.
it can affect the loan, because most of the loans come with a 'due on sale' clause which allows the lender to call the loan amount due if any transfer of ownership takes place. thus, i think you should inform your lender about the change you want to make to the title before going ahead with it. you might be asked to refinance it in you and your joint owner's name.
It can affect your loan because of the reason that changing from sole owner to a joint tenancy on a deed is requiring a couple of time for adjustment.