Posted on: 17th Dec, 2008 08:37 pm
my sons name is on the note and deed as joint tenants. he does not live in the house does not pay anypart of the mortgage or taxes. can i remove his name from the deed and note without having to refinance?
nope
in fact you cannot refinance without him allowing it either
If he agrees you can apply for his removal from the note and title if you can prove to the bank your ability to pay mortgage on your own. But most lenders will require refinance.
in fact you cannot refinance without him allowing it either
If he agrees you can apply for his removal from the note and title if you can prove to the bank your ability to pay mortgage on your own. But most lenders will require refinance.
hi carlosmelgoza!
welcome to forums!
lenders prefer doing a refinancing while transferring the mortgage from one person to another. i don't think lenders will be ready to do it through novation which is also a way to transfer the mortgage. you can speak to the lender about novation but i don't think the lender will allow it. moreover you will also need the permission of your son for refinancing it.
feel free to ask if you have further queries.
sussane
welcome to forums!
lenders prefer doing a refinancing while transferring the mortgage from one person to another. i don't think lenders will be ready to do it through novation which is also a way to transfer the mortgage. you can speak to the lender about novation but i don't think the lender will allow it. moreover you will also need the permission of your son for refinancing it.
feel free to ask if you have further queries.
sussane
