Posted on: 01st Oct, 2010 01:29 pm
I own a house with another person but I am no longer residing there!. The co-owner is still living there & has not paid mortgage and now we are facing foreclosure!! When the bank "accelerates" the debt, could I re-finance and purchase the house back in just my name if the other is unwilling to pay the payments? If so will this also take them off the deed without having to sign a quit claim form?
hi grand,
you don't have to wait till your lender accelerates the debt. you can ask your co-owner to transfer the property to you by signing a quit claim deed and then you can refinance the mortgage. this will make you the owner of the property as well as the mortgage. unless the co-borrower signs the quit claim deed, their names won't be removed from the deed.
thanks,
jerry
you don't have to wait till your lender accelerates the debt. you can ask your co-owner to transfer the property to you by signing a quit claim deed and then you can refinance the mortgage. this will make you the owner of the property as well as the mortgage. unless the co-borrower signs the quit claim deed, their names won't be removed from the deed.
thanks,
jerry