Posted on: 26th Jan, 2010 04:05 pm
two couples own the property. one of the couples can no longer afford to keep their share so the other couple buys them out. the mortgage has stayed in tact because the couple buying the shares are not sure if they will qualify for a refinance, so they will continue to pay the full mortgage, but would like to have the deed only in their name. they plan on refinancing within a year or two.
Hi Guest,
The couple who wants to sell off the property should sign a quit claim deed in the other couple's name and transfer the property to them. After the transfer of the property, the lender may ask the new owners to refinance the loan immediately or they may call the loan due. The new owners of the property would qualify for a refinance depending upon the equity in the property, their credit score, income, debt to income ratio etc.
The couple who wants to sell off the property should sign a quit claim deed in the other couple's name and transfer the property to them. After the transfer of the property, the lender may ask the new owners to refinance the loan immediately or they may call the loan due. The new owners of the property would qualify for a refinance depending upon the equity in the property, their credit score, income, debt to income ratio etc.