Posted on: 13th Apr, 2009 10:08 am
My name is on the loan and title for the house I live in, however, I need to transfer everything from me the Borrower to the Co Borrower.
you co-own the property now? you can transfer the property by way of a quit claim deed. in order to have your coborrower become the sole borrower, however, you'd have to have that person refinance the existing loan.
George is correct. You can easily transfer title but will have to refinance and only put him on the new loan. Whatever you do, Do Not sign over the deed to him Before he refinances. I have seen this more than once where the result is one of the borrowers still being liable for the mortgage but having no claim on the property. Good luck.
Hi
I agree with what George and Gronstone had said. To get rid of the property a quitclaim deed should be enough. To transfer the loan to your co borrower, he/she will have to refinance it in his/her name replacing you from the loan.
I agree with what George and Gronstone had said. To get rid of the property a quitclaim deed should be enough. To transfer the loan to your co borrower, he/she will have to refinance it in his/her name replacing you from the loan.