Posted on: 25th Mar, 2010 01:04 pm
a couple of years ago, my dad asked me to cosign for a house that neither of us would live in but use as rental property. over the years we have had a falling out and i want to buy a house without this other house still in my name. his and my name are on the deed, but it's my name on the mortgage. i wouldn't mind signing the quit claim deed, but my credit would still be on the line which is what matters to me most. my question is, how can i get his name off the deed if he won't sign. my dad or mom don't work so for them to refinance is not an option from what i understand. please help, i want to move on with my life without this house draggign me down.
You're name is going to stay on the mortgage note until the house is either sold, or refinanced. I'm affraid that unless your lender is willing to let someone assume the mortgage debt you don't have a lot of options other than refinance or sell.
From the lenders perspective, they've lent you money on the basis of YOUR abiity top repay it, not someone elses. If you want out of this house, selling it is probably the best option.
From the lenders perspective, they've lent you money on the basis of YOUR abiity top repay it, not someone elses. If you want out of this house, selling it is probably the best option.
Hi ncati,
You are correct. You can sign a quit claim deed and remove your name from the property deed. But your name would still remain on the mortgage docs. If you want to remove your father's name from the property deed, you need to ask him to sign a quit claim deed and transfer the property to you.
Thanks
You are correct. You can sign a quit claim deed and remove your name from the property deed. But your name would still remain on the mortgage docs. If you want to remove your father's name from the property deed, you need to ask him to sign a quit claim deed and transfer the property to you.
Thanks