Posted on: 26th Jul, 2007 03:36 pm
Hi,
My wife and I recently purchased a condo and the condo is under our name. Since my parents assisted us with the down payment, we would like to add my parent's name (or just my dad's) to the condo's title. How do I go about doing this? Any complications? The title company mentioned that they will not do this without lender's approval, but I am not sure why... Any help would be great appreciated.
Thanks,
Neb
My wife and I recently purchased a condo and the condo is under our name. Since my parents assisted us with the down payment, we would like to add my parent's name (or just my dad's) to the condo's title. How do I go about doing this? Any complications? The title company mentioned that they will not do this without lender's approval, but I am not sure why... Any help would be great appreciated.
Thanks,
Neb
neb you can make your father co-owner along with you but lender might ask you to refinance the mortgage as there will be a change in the way title is held after the ownership transfer from what it was when mortgage was taken.
that is the reason title company said lender's approval is required. how long it has been now the condo was purchased?
miller
that is the reason title company said lender's approval is required. how long it has been now the condo was purchased?
miller
Thanks for your reply Miller. It's only been about 2 months since we purchased the condo. We received the title just about 2 weeks ago. At the time of purchase, the lender (Bank of America) told us to not add my father's name so that I can take advantage of the first time home buyer rate. She said that we can add my father's name after we receive the title document.
She said so? She doesn't mention anything about refinancing? If it is so then first talk with that representative about it.
If she says that your father can be added to the title without any need to refinance the mortgage then you can go ahead with it. But I have doubts that it will be allowed. Any change in title ownership after mortgage is taken can require a refinance.
Miller
If she says that your father can be added to the title without any need to refinance the mortgage then you can go ahead with it. But I have doubts that it will be allowed. Any change in title ownership after mortgage is taken can require a refinance.
Miller