Posted on: 16th Dec, 2008 09:37 pm
how to remove my father from the title/deed on my condo if he is also a co-borrower on the mortgage?...my father and i purchased a condo in new york together in 2005. we have a loan outstanding with citimortgage with my father as a co-borrower, as i would not qualify for the loan myself. now my father wants to get off the title/deed and transfer complete ownership to me (he has some unrelated liabilities that might try to come after his assets if that seperate business venture fails). he paid the sizable downpayment for the condo, and i pay all of the monthly mortgage bills. three questions: 1) do i have to repay him for the equity he put down in order for me to take complete ownership or can he somehow "gift" it over to me; 2) will the lender allow him to transfer title to me while remaining a co-borrower? 3) if i have to refinance the existing loan and still have my father's as a co-borrower, can this be done without putting his name on the title?
please let me know if you have ideas on what the best way to handle this is? thanks!
please let me know if you have ideas on what the best way to handle this is? thanks!
hi guest,
i think it will depend upon your father whether he wants the down payment back or not. but it may also be given as a gift to you. you father can sign a quit claim deed in your name and the transfer the title ownership of his part to you. but, you should note that the mortgage will remain in his name even after the transfer of ownership. to take his name off the mortgage, you will have to refinance the mortgage in your name. once the ownership changes, the mortgage will be refinanced in the name of the new owner. i don't think the lender will agree to keep your father's name on the mortgage docs. however you can speak to the lender about this.
thanks
i think it will depend upon your father whether he wants the down payment back or not. but it may also be given as a gift to you. you father can sign a quit claim deed in your name and the transfer the title ownership of his part to you. but, you should note that the mortgage will remain in his name even after the transfer of ownership. to take his name off the mortgage, you will have to refinance the mortgage in your name. once the ownership changes, the mortgage will be refinanced in the name of the new owner. i don't think the lender will agree to keep your father's name on the mortgage docs. however you can speak to the lender about this.
thanks