Posted on: 17th Mar, 2010 09:42 pm
my boyfriend had bought a house with a friend a few years ago, and now he is ready to move in with me. but his friend is mad and won't cooperate. what does my boyfriend have to do in order to get the name off title and get off the loan? what if the friend doesn't qualify to refinance and have it in his name only? does that mean my boyfriend can't get his name off the loan? thanks
Hi Guest,
You boyfriend will have to transfer the property to his friend by signing a quit claim deed. However, this won't remove his name from the mortgage. After the transfer of the property, the friend will have to refinance the mortgage in his name. This will help your boyfriend to remove his name from the mortgage. If the friend does not qualify for a refinance, then it would be difficult for your boyfriend to remove his name from the loan.
Thanks
You boyfriend will have to transfer the property to his friend by signing a quit claim deed. However, this won't remove his name from the mortgage. After the transfer of the property, the friend will have to refinance the mortgage in his name. This will help your boyfriend to remove his name from the mortgage. If the friend does not qualify for a refinance, then it would be difficult for your boyfriend to remove his name from the loan.
Thanks
Ok Thank you for your help:)
Removing his name from Title is the worse possible thing he could do, because his name will still be on the mortgage. That means he'll have the financial responsibility for the property, but no interest in the property, and that's the worst position anybody could be in.
The only way to get him out of that situation is with a refinance. If his friend can't refinance the property, your boyfriend won't be able to get his name off the mortgage.
The only way to get him out of that situation is with a refinance. If his friend can't refinance the property, your boyfriend won't be able to get his name off the mortgage.
