Posted on: 20th Sep, 2010 09:41 am
hello,
i signed on to my fathers loan because he was in a intrest only loan and he did not make enough income to refinance on his own. i am now trying to get off his loan because i would like to purchase another home and my fathers loan is holding me up. also he wants to file for hardship to get a loan reduction. will filing a quit claim deed help with this process?
many thanks
i signed on to my fathers loan because he was in a intrest only loan and he did not make enough income to refinance on his own. i am now trying to get off his loan because i would like to purchase another home and my fathers loan is holding me up. also he wants to file for hardship to get a loan reduction. will filing a quit claim deed help with this process?
many thanks
Welcome Hllywood,
A quit claim deed will be of no use in this regard. Your father will have to refinance the loan in order to release you from the liability of paying the loan. Unless he does so, you won't be able to take out a mortgage in your name.
A quit claim deed will be of no use in this regard. Your father will have to refinance the loan in order to release you from the liability of paying the loan. Unless he does so, you won't be able to take out a mortgage in your name.
So the quit claim will only allow him to be able to file for mortgage reduction. Because my income is to high and they always reject it on that basis.
Hi Hllywood!
Welcome to forums!
Once you sign the quit claim deed in your father's favor. He will be able to apply for a mortgage reduction. However, it will be the lender's discretion whether or not the lender will reduce the mortgage balance for him.
Sussane
Welcome to forums!
Once you sign the quit claim deed in your father's favor. He will be able to apply for a mortgage reduction. However, it will be the lender's discretion whether or not the lender will reduce the mortgage balance for him.
Sussane
Great what are the steps to filing a quit claim? In other words do you know a good online service where I can fill it out, then print it out to get Notirezed?
Many Thanks!
Many Thanks!
Hi Hllywood!
Welcome to forums!
You can get sample quitclaim deed forms online. However, it's always better to contact a real estate attorney and ask him to draft the deed on your behalf. He will not only help you in filling the deed but will also help you in notarizing and recording the deed.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can get sample quitclaim deed forms online. However, it's always better to contact a real estate attorney and ask him to draft the deed on your behalf. He will not only help you in filling the deed but will also help you in notarizing and recording the deed.
Feel free to ask if you've further queries.
Sussane