Posted on: 29th Oct, 2009 02:08 pm
josh: ('hook 'em!)
i have a floating home which is personal property, not real estate. can i put another person on the loan as co-signer then file a quit claim deed to turn over all rights & responsibilities to her??? it is doubtful any bank will make a new loan on it and this seems like the best/only(?) way to get out of it..... help!
i have a floating home which is personal property, not real estate. can i put another person on the loan as co-signer then file a quit claim deed to turn over all rights & responsibilities to her??? it is doubtful any bank will make a new loan on it and this seems like the best/only(?) way to get out of it..... help!
No - that can't be done. She needs to purchase the boat from you so she can be on the Note and Title, releaving you of all responsibility.
but she does not have the cash and the bank will not loan on this houseboat....no long-term lease with marina.
Your options are to walk, resulting in credit damage and a judgement, or to lend her the money so she can buy out your current Note. There's no easy way out of the situation.
How'd you get the loan initially, if there isn't a long term lease? Can you introduce her to your current lender?
How'd you get the loan initially, if there isn't a long term lease? Can you introduce her to your current lender?
No thats can't be done
NO:
if your lender will agree to add someone as a cosigner (effectively granting you a refinance of the loan), then you've got a shot at what you're seeking.
if your lender will agree to add someone as a cosigner (effectively granting you a refinance of the loan), then you've got a shot at what you're seeking.
swarg...what is it you're trying to accomplish?
does a copsigner need to be involve in all the proceeding of refinance for a quitclaim deed?
Hi chenney,
If there is a co-signer for the refinance, then the lender will ask you to add the co-signer's name in the quitclaim deed.
Thanks
If there is a co-signer for the refinance, then the lender will ask you to add the co-signer's name in the quitclaim deed.
Thanks
I can't agree with that last comment, James. The cosigner is there simply as a guarantor, not as an owner of the home. Why a lender would require a cosigner to be added to title for the purpose of simply being a cosigner is alien to me. I would find that way outside the lines of normalcy in a refinance, a purchase or any other transaction.