Jim L asked:
Can the daughter refinance onto the loan and the father comes off the loan and title?
GARRETT
Can the daughter refinance onto the loan and the father comes off the loan and title?
GARRETT
December 20, 2008
7 Comments »
RSS feed for comments on this post. TrackBack URL
Leave a comment
You must be logged in to post a comment.
JIMMY
Okay, first of all, there are only two ways both could be on the title but only one on the loan. One is if the mortgage company screwed up, the other is if he signed part of the property over to her after the mortgage.
Either way, yes, she could go try to get a new loan as a refinance, paying off the old mortgage and having the property deeded only to herself in the process, and have the new loan in only her name.
Comment by open4one — December 23, 2008 @ 2:00 pm
LUKE
Maybe. Generally yes, but you’ll have a tough time with some types of loan products.
These types of deals have numerous restrictions that vary by bank and loan product.
But if you can qualify for a standard conventional loan with documented income, in most cases you can get this done with little hassle.
Just start making some calls and getting quotes.
Comment by Yanswersmonitorsarenazis — December 25, 2008 @ 8:15 am
CHRISTIAN
Yes, she can “buy” the property from the father by applying for a mortgage of her own, or, if allowed, assume the mortgage of the father. She would have to qualify financially to do this. She could then quit-claim the property from her father.
I suggest that she contact a mortgage broker to get the ball rolling. They will probably suggest an attorney who is well-versed in all things real estate.
Comment by Insurance Biz CT — December 26, 2008 @ 2:43 am
TRUMAN
yes. the father probably intended that if he were to die that the house would go to his daughter without probate, immediately.
anyone that is on title has a valid interest in the real estate.
only two things are needed:
1. she should get a real estate attorney before she approaches the bank so that the deed will get changed. the father will have to sign a quit claim deed.
2. she will have to be approved for the refinance. if she wants cash out of the refinance and the house now has a tiny loan balance, her income and debt picture come into play in order to approve her for a mortgage. then she should ask herself, why do i want this cash? if it is for home improvements, it’s a good idea. if it is to pay off all credit cards that she will then cut in half, it is probably a good idea. if it is for buying things that do not hold their value, such as jewelry, brand new car, furs, etc., it isn’t a good idea.
if, instead, it is to pay hospital and hospice bills and deductibles for her father if he is sick, it is an EXCELLENT and loving idea, too.
ask me a specific question if you need to: my email is on my profile here.
Comment by Louiegirl_Chicago — December 27, 2008 @ 7:18 am
REGGIE
First, disregard the first post. It is common for two people to be in title and only one on the note. Both would have to be on the mortgage though unless the daughter came into title later, subject to the mortgage.
I have a question for you. Why do you want to refinance? That is the first and most important thing to think about. You can do it provided you have good enough credit. Since you already own the property, it would be considered a refinance which is easier to get than a purchase money loan. Keep in mind though that you will be starting over in your amortization schedule. If your father has paid on the mortgage for several years, you may be well into the principal portion of the payments. There are many reasons however that you would still want to do this. If you just want to get his name off the title, just have him quitclaim it to you. You don’t have to do anything with the mortgage and it is very unlikely that they would do anything about it as long as you made the payments on time. They do have the right to call the loan due upon transfer of title, they rarely do this.
Good luck.
Comment by Kenneth D — December 28, 2008 @ 12:33 am
LAMAR
i just did a similar refinance deal
heres what you gotta do
transfer title to the daughter with a local title attorney
then the house is the daughter’s and she can do a refinance with no problems
the only drawback is that if the daughter is not living there it is considered an investment property which carries slightly higher interest rates
as ive said i just did a deal like this so you should have no problems (if you do have a problem message me)
Comment by EF — December 30, 2008 @ 10:24 pm
NED
Assuming the daughter can qualify for the loan, and that the father is willing to sign to drop himself off title, absolutely.
Comment by SndChaser — January 2, 2009 @ 12:48 pm