Posted on: 16th Jan, 2009 10:33 am
we have a very unique situation. there are 5 couples that own a beach house together, however, when we bought it, only 2 of us went on the mortgage note. now, we are wanting us to refinance to put loan in all of our names. we want to be able to have all 5 couples only responsible for 1/5 of the balance so that it doesn't all show on our credit report. is this possible?
Hi mstbrown,
In order to add the names of the 5 couples on the mortgage note, you will have to refinance the property. Whether the lender will agree to refinance the property in the name of all the 5 couples will be the lender's discretion. However, if your current lender is not ready to refinance the property, then you may also speak to other lenders of your area and check if they can refinance the property.
You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. This will help you in knowing whether you will be able to refinance the loan or not. It will also help you to know what kind of rates and terms you can get.
Thanks
In order to add the names of the 5 couples on the mortgage note, you will have to refinance the property. Whether the lender will agree to refinance the property in the name of all the 5 couples will be the lender's discretion. However, if your current lender is not ready to refinance the property, then you may also speak to other lenders of your area and check if they can refinance the property.
You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. This will help you in knowing whether you will be able to refinance the loan or not. It will also help you to know what kind of rates and terms you can get.
Thanks
not really
you might need to create some sort of living trust
talk to an attourney
you might need to create some sort of living trust
talk to an attourney
