Posted on: 29th Jul, 2013 02:01 am
My dad and I – we cannot live together anymore due to differences in every thing! We are joint owners of a house and he has the mortgage on it. He wants to sell off the property and I won't. Can I refinance and get the mortgage and property in my name?
Hi Guest,
You can buy out your father by offering him the price worth his share of the property and ask him to transfer his share to you. Once that is done, you can refinance the mortgage in your name. This will make you solely liable for the mortgage and the property.
Thanks,
Jerry
You can buy out your father by offering him the price worth his share of the property and ask him to transfer his share to you. Once that is done, you can refinance the mortgage in your name. This will make you solely liable for the mortgage and the property.
Thanks,
Jerry
Hi Guest!
Welcome to the forums!
Unless he signs the property ownership to you after you pay off the money to him, you should not refinance the mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
Unless he signs the property ownership to you after you pay off the money to him, you should not refinance the mortgage.
Feel free to ask if you've further queries.
Sussane
I think there is more to it than that. #1 is there any equity in the home? If not, you shouldnt be paying him anything. Just quick claim yourself to Title, wait one year, then refinance in only your name. Easiest way. If there is equity in the home, and he wants to make money on you, rather than refinance for what is owed, then write up an offer to purchase and just do a purchase loan. There are plenty of ways to work the loan, if your father is flexible.
Good luck!
Good luck!
