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Mortgage Community Forums | Deeds, Property Transfer and Estate Planning | my partner and I purchased a building putting a down payment of 150k on a medical building.

my partner and I purchased a building putting a down payment of 150k on a medical building.

Posted on: 23rd Mar, 2009 01:00 pm
We quarenteed the loan with our personal houses. He has decided to walk away from his practice and house and move to another country. I plan on making the payments and taking over his patients. My concern is he is going to leave soon. How do I get him off the loan before he moves.

Thanks
you'd need to discuss this with your lender, along with your partner. i'd think the timing is something to coordinate with him more than anyone else.
gmakerley
Posted on: 23rd Mar, 2009 01:22 pm
hi docsito,

you can take him off the title of the property, through a quitclaim deed. to get his name off the loan, you need to refinance it in your name. however, you need to discuss this with your lender as this requires an approval from their side.
jenkin7
Posted on: 24th Mar, 2009 01:19 am
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