Posted on: 26th Apr, 2011 07:52 am
Hi, I have a question. I think I know the answer but I want to make sure we are right about our options.
My husband and I co-own a house with a friend and we have a mortgage. He would like to be taken off of the ownership and loan. If we pay him off with an amount we all agree on and he does a quite claim would he be still on the loan? Is there any way around it? We previously tried to modify the loan from 3 people to 2 but our income was not sufficient we were unsuccessful. Now we still do not have enough income however we inherited some cash. We would not be able to pay off the whole loan but we could offer to pay our co-owner off. Would this be possible? Any advice would be appreciated!
My husband and I co-own a house with a friend and we have a mortgage. He would like to be taken off of the ownership and loan. If we pay him off with an amount we all agree on and he does a quite claim would he be still on the loan? Is there any way around it? We previously tried to modify the loan from 3 people to 2 but our income was not sufficient we were unsuccessful. Now we still do not have enough income however we inherited some cash. We would not be able to pay off the whole loan but we could offer to pay our co-owner off. Would this be possible? Any advice would be appreciated!
if you all are on the loan, the only way to change it, is to refinance. you can quitclaim people on or off title, but not the loan. if you cant qualify for a new loan, then he is really stuck. even if you quitclaimed him from title, and paid him off, he would still be liable on the mortgage.